@property_finder @PFUAE Abu Dhabi property prices rise by 15% in 2014, reveals propertyfinder.ae

The upswing in property prices seems to continue in 2014 for Abu Dhabi. Reporting an overall 15% climb in prices, propertyfinder.ae, the UAE’s leading property portal, indicated that the capital’s real estate market is maintaining positive performance and stability.

With news of the emirate awarding USD 346 billion in various sectors between 2013 and 2020, the year will continue to witness recovery and growth, said Renan M. Bourdeau, propertyfinder.ae’s Deputy CEO. “We are seeing numerous lifestyle projects coming up. Prices per square foot are rising and the government is recognising the huge importance of the real estate sector for the economy. It is an exciting time.”

Property prices in Al Reem Island showed a huge jump according to propertyfinder.ae’s analysis, increasing by close to 28 percent between December 2013 and January 2014. A modern district popular with expats, Al Reem offers a high quality lifestyle, is well connected to the city centre and has seen huge investment in recent years. With additional supply scheduled to be delivered in the community in 2014, property prices might see a dip, the portal revealed.

Saadiyat Island followed suit with a 16% hike in average values. Just minutes away from downtown Abu Dhabi and the airport, the community is undergoing remarkable transformation into a leisure, residential, business and cultural hub housing world class projects such as the Zayed National Museum, Louvre Abu Dhabi and Guggenheim Abu Dhabi. On the other hand, prices in Al Reef and Al Raha Beach communities situated on the outskirts of Abu Dhabi rose by 11 percent and 4 percent, respectively, during the same period.

The luxury market segment, however, continues to maintain Q4 2013 prices. According to propertyfinder.ae’s report, Nurai Island, a private villa neighbourhood located on a natural island off the coast of Abu Dhabi, did not see a rapid rise in average prices, staying stable at AED 40 million.  

“Continued improved confidence and positive sentiment across the UAE further driven by Dubai’s Expo 2020 win are likely to keep the momentum going in what is already proving to be a really interesting year for real estate in Abu Dhabi,” added Bourdeau.