24 June 2012

Dubai property continues to outperform Abu Dhabi

The latest data relating to the real estate sectors in Abu Dhabi and Dubai has revealed prices increased in Dubai, while values dropped in Abu Dhabi.

According to REIDIN, property in Dubai rose in value by 1.42 per cent in May, compared to April, while in Abu Dhabi, a decline of 1.1 per cent was recorded.

The picture is slightly brighter for the Abu Dhabi rental market, however, with rents posting a monthly rise of 0.53 per cent. Apartments outperformed villas, with the former seeing leasing costs climb by 1.72 per cent in May, while the latter saw rents fall by 0.45 per cent.

Dubai witnessed a similar pattern, with rents up by 0.83 per cent overall, but apartments doing far better than villas.

Earlier this month, the United Arab Emirates-based propertyfinder website published a survey, the results of which indicated landlords are becoming more flexible about how tenants pay their rent.

The research found oversupply of housing in the emirate has played a role in this decision, as well as a growing awareness that attracting good tenants – and holding on to them – is important.

Source: www.PropertyShowRooms.com