(MENAFN) Abu Dhabi's residential property market continued to see steep falls in the year to June, while it may soon hit a price floor that most developers will not be able to go below.
Meanwhile, prices have dropped more sharply than it had previously projected as a result of workforce terminations and dropping household incomes in the public and private sectors.
However, the price falls have been steeper for more expensive properties, with apartment prices at Al Bandar dropping by 13 percent and Saadiyat Sea View villas falling by 11 percent.
Accordingly, property values have been falling at a similar pace over the course of the past year, with year on year prices falling by between 8-22 percent.
MENAFN2208201700450000ID1095758417
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.