Monday 8 February 2021

#UAE News: #AbuDhabi Villa Prices Climb for the First Time in Five Years - Bloomberg

UAE News: Abu Dhabi Villa Prices Climb for the First Time in Five Years - Bloomberg

Prices for villas in Abu Dhabi rose for the first time in five years during 2020 amid higher demand for larger properties as the coronavirus pandemic forced people to spend more time at home.

Prices for single-family homes, known locally as villas, rose 2% in Abu Dhabi, the richest and largest of the seven sheikhdoms that make up the United Arab Emirates, real estate consultancy Core said in a report on Monday. Prices for apartments, which make up the vast majority of residential properties in the city, dropped 4% last year.

Rental rates continued to decline for both villas and apartments as the pandemic forced companies to cut jobs. Residency permits in the UAE, where expatriates make up the majority of the population, are usually tied to employment and many residents who lose their jobs leave the country.

Average rents for villas fell 3% in 2020, compared with a 5% drop on average for apartments, according to the report.

Abu Dhabi’s housing market has fared somewhat better than neighboring Dubai, where values have been hammered by a supply glut and faltering demand.

No comments:

Post a Comment