Abu Dhabi, Property Market Outlook, Spring 2018
Cluttons has released its Abu Dhabi Property Market Outlook Spring 2018 report, which looks more closely at the UAE capital’s residential and office markets.
The very top of Abu Dhabi’s residential sales market has been relatively positive, and is showing signs of stabilising. Sea facing villas on Saadiyat Island for instance, which remain the most expensive residential property type in the UAE capital, have seen no movement in prices for two consecutive quarters. This trend is likely to help tempt buyers back into the market especially as we feel the stability is likely to persist. Separately, bulk corporate leases are back on the agenda for some firms as they move to secure better lease terms, or indeed better quality accommodation for staff, while also making a saving.
Like the emirate’s residential market, the office market is also still facing the pressures of firms that are downsizing or consolidating operations; a trend that began over two years ago. While rents across the city’s prime office buildings held steady during Q1, deals continue to be concluded below headline asking rates in many cases. Positively, we are seeing a rise in relocation activity, after a couple of very quiet years as occupiers move to capitalise on the softer rents.
Further detail is presented in the report, along with our forecasts for 2018, so please click here to download your copy.