Home prices in Abu Dhabi are down 45 per cent from the peak in 2008 as thousands of apartments and villas start to hit the market.
Prices stand at an average of Dh11,800 per square metre compared to Dh21,500 per sq metre three years ago, according to a report released Sunday by Jones Lang LaSalle (JLL).
More than 14,000 apartments and villas are scheduled for completion in the second half of the year, adding to the increasing competition for buyers, JLL reports.
At the same time, people who bought off plan are moving to sell their homes now that the projects are finishing. There has been an uptick in recent weeks in the number of listings for homes on Reem Island and Raha Beach, agents said.
Some owners are selling at a loss rather than making the final payment to developers, said Ahmed Nawab, chief executive of Trust City Real Estate, an Abu Dhabi property company.
"There are people in the market who need the liquidity, who need the cash," Mr Nawab said.
Apartments coming on to the secondary market are averaging 30 per cent less than the original purchase price from the developer, Cluttons said in its second quarter report.
Sales are hindered by the lack of available financing, "as banks within the UAE remain committed to 'repairing' their existing balance sheets rather than adding to them," Cluttons said.
"The release of stock on Al Reem Island will certainly affect stock values elsewhere in Abu Dhabi and we foresee continuing price reductions for the foreseeable future," Cluttons reported.
RAK Properties announced this weekend that it would start handing over apartments in the 43-storey RAK Tower on Reem Island on July 27.
The number of transactions in the second quarter was "minimal," despite the growing supply of available homes, said David Dudley, head of JLL's Abu Dhabi office.
But he believes the worst of the price drops may be over. Prices remained stable in the second quarter, despite the shifts in the market, JLL reported.
"Prices fell very, very rapidly after the peak," Mr Dudley said. "That was really all about the end of the speculation sales market."
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Manchester United 2 Tottenham Hotspur 1
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What is a calorie?
A food calorie, or kilocalorie, is a measure of nutritional energy generated from what is consumed.
One calorie, is the amount of heat needed to raise the temperature of 1 kilogram of water by 1°C.
A kilocalorie represents a 1,000 true calories of energy.
Energy density figures are often quoted as calories per serving, with one gram of fat in food containing nine calories, and a gram of protein or carbohydrate providing about four.
Alcohol contains about seven calories a gram.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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The specs
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Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
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Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
The specs
Engine: 2.0-litre 4-cylinder turbo hybrid
Transmission: eight-speed automatic
Power: 390bhp
Torque: 400Nm
Price: Dh340,000 ($92,579
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Last-16
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)