With real estate values rising 16% year-on-year in Abu Dhabi, the market is outperforming Dubai, where secondary villa sales are slowing, says property website, Bayut.com
Abu Dhabi, not Dubai, is the latest star performer in the Middle East property market, says a top property website.
The rise in Dubai property prices has almost halved, falling from 11% a year from January to March 2014 to 6.5% a year in the second quarter, according to the latest figures from property website, Bayut.com.
But annual Abu Dhabi prices have climbed 16% in the first six months of the year, rising 7.3% quarter-on-quarter, market indexes show.
“By comparison to their remarkable 2013 numbers, residential options in Dubai have performed somewhat sluggishly so far in 2014. Abu Dhabi, however, successfully managed to post good numbers for the sixth successive quarter.”
Bayut.com CEO Haider Ali Khan says the Dubai slowdown, especially in secondary villa sales, may continue and in doing so should put an end to speculation over a Dubai market bubble.
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