International property market in Abu Dhabi is ’stable’
The international property market in Abu Dhabi remained stable in December following two of the most active months of the year.
Statistics from the latest Landmark Advisory suggested that both buyers and sellers were waiting for a sign from the property development community that it would be meeting its delivery targets. This is despite October and November being two of the most active sales months of 2009.
Abu Dhabi recently gave its neighbour Dubai a $10 billion (£6,294,419,764) bail out in a bid to aid the state from crashing property prices and a substantial debt burden
There were also suggestions that sellers were lowering their expectations in some areas, as asking prices in Al Bandar dropped nine per cent. Over all the state registered an increase in asking prices of five to six per cent.
Ms Jesse Downs, director of research and advisory services at the Landmark Advisory, said: "Prices are only likely to increase for developments that are close to completion during 2010. As these developments get closer to completion, transaction volumes are expected to increase, which could gradually lead to marginal price increases."
She added that demand may have been "restricted" because delivery dates on developments have been pushed back.
Written by Tom Britten.