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MENAFN - Khaleej Times - 26/12/2013

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(MENAFN - Khaleej Times) Whilst Reem Island remained the most searched community amongst renters year-on-year followed by Khalifa City, Al Reef, Al Raha Beach and Al Khalidiya, Hydra Village was the surprise entrant on a recently released list compiled by propertyfinder.ae, the UAE's leading property portal.

Situated within easy reach of Yas Island, the community offers easy access to downtown Abu Dhabi and Dubai; a factor that might have contributed to its recent rise in popularity given the recent relocation of numerous employees to the capital. The report compiles Q4 trends in Abu Dhabi's home prices and rents based on listings and user behaviour on the website.

"Abu Dhabi's housing market has received a boost from the residency rule. We have also seen additional inventory hit the market this year with residential stock delivered in Al Reef, Al Reem Island, Al Raha Beach and Hydra Village. It will be good to see how next year plays out for the capital's property market even as more supply comes on stream," said Michael Lahyani, CEO and founder of properfinder.ae.

Al Reem Island, Al Reef and Al Raha Beach continued to dominate the list of most searched neighbourhoods in Abu Dhabi amongst prospective buyers. Q4 also saw a resurgence of interest in Nurai Island, an ultra-luxury private island villa development near Saadiyat Island, whilst Khalifa City retained its year-on-year spot in the top 10 list.

"The recent removal of the five per cent rental cap in Abu Dhabi might result in a hike in rents in neighbourhoods around the city centre, driving residents to seek more affordable locales that may be further from work and offer fewer amenities."

 






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