Sales of apartments in Abu Dhabi fell by 9% on average in 2018 while villas sales were down by 4%, according to the latest residential real estate report for the Emirate.
There was a rush to complete property sales in Dubai in the last 10 days of 2018 but experts are predicting that both prices and rents are set to keep falling in 2019.
Known for its glittering skyscrapers and luxury villas, the Dubai property market is oversupplied, especially in the residential sector where prices have fallen steadily from a peak in mid-2014.
Prices have been falling quarter-on-quarter almost continually since the start of 2017 because of a worsening supply/demand balance.
Average sales prices for apartments and villas have declined six percent from the previous quarter, the agent said in a report on Monday. Off-plan sales volumes were down 31 percent, compared with 11 percent for completed units.
The six-month event, the first World Expo to be staged in the Middle East, is expected to attract up to 300,000 visitors a day when it opens in October 2020
Al Ain Properties, owned through an investment vehicle by Sheikh Hamdan Bin Zayed Al Nahyan, the Abu Dhabi Ruler's Representative in the Western Region of the emirate
Exhibitors at the three-day Cityscape Global showed off models of high-end skyscrapers and even "Floating Venice", a resort complete with underwater suites
The companies said discussions were at an advanced stage for Reem to receive new shares in Eshraq in exchange for Eshraq acquiring Reem’s entire business and assets
Supply of such properties in 2017 would not be far off demand, reflecting a move towards stability, Adil Taqi said
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