Prices and rents for apartments in Abu Dhabi declined on average between 4% to 11% during the first half of this year, according to a new report by online property firm Bayut.
While freehold communities such as Al Reef and Al Raha Beach witnessed price drops of around 13%, emerging areas like Al Ghadeer saw an uptick in prices with the rates for two-bedroom units going up by 6.7%.
For apartment rentals, Al Muroor posted a decrease of 10.7% for one-bedroom units, followed by Khalifa City A, where prices for studios dropped by 9.7%.
Prices to buy and rent villas in Abu Dhabi also fell in H1. In terms of sales, the most notable decrease was seen in Al Reef, where three-bedroom and five-bedroom villa prices dropped by 5.9% and 7.8% respectively. Looking at rentals, both Saadiyat Island and Al Mushrif posted decreases of 9.1% for certain units.
Overall, Al Reem Island was found to be the most popular area in Abu Dhabi to buy and rent apartments, followed by Al Raha Beach for villa sales and MBZ City for villa rentals.
The Abu Dhabi government announced in April that an amendment has been made to its property ownership laws that will now allow all nationalities to buy freehold property in investment zones, which include areas such as Yas Island, Saadiyat Island, Al Reem Island, Al Raha Beach, Al Reef and Masdar City.