Abu Dhabi gov't may act to address property glut - official | Reuters

Abu Dhabi gov't may act to address property glut - official | Reuters:

"Abu Dhabi's property market is over-supplied and the government may take steps to address the imbalance, a senior official said on Sunday.

Prices in the UAE capital's residential sector were flat last year, after rising about 25 percent a year in 2013 and 2014, as affordability levels became stretched and the government cut spending following the slump in oil prices.

First-quarter residential prices were little changed and property consultants CBRE last month described buying appetite and overall sentiment as weak. Rival firm JLL warned prices could come under downward pressure if transaction volumes remain low."



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