Abu Dhabi Real Estate Pricing Update
While studio prices in the emirate stand at AED 689,000, a one bedroom in the city costs AED 1.3 million and a two bedroom apartment, AED 2 million. “We’ve released this data based on for-sale homes and rentals listed on our site. Topping the list of places for buying property in Abu Dhabi is Al Reem Island, followed by Al Reef and Al Raha Beach. Al Ghadeer enters the top 10 this quarter; its appeal seems to be rising as it did not make the list in Q2 2013 and 2012,” said Michael Lahyani, CEO and Founder of propertyfinder.ae, the UAE’s leading property site.
For those looking to buy property in Al Reem Island, here are some useful figures. The average price of an apartment is AED 1.9 million with the price per sq. ft. stands at AED 1,483. Not just buying; according to propertyfinder.ae’s latest report, Al Reem Island was also the most searched community on the site for renting property in quarter 2. “Al Reem Island steals the spotlight from Khalifa City this quarter to become Abu Dhabi’s most searched rental community. Mohammed Bin Zayed City’s appeal seems to be rising. From not making the top 10 in Q2 2013 and Q2 2012, the community is now at 6th place,” added Lahyani.
Abu Dhabi renters can expect to pay, on an average, AED 65,000 for a studio, AED 92,000 for a one bedroom pad and AED 139,000 for a two bedroom apartment today. And what about Al Reem Island? Rents have risen; equating to an average of AED 122,000 for an apartment and AED 275,000 for a villa. Khalifa City, placing 2nd in the list of Abu Dhabi’s most searched rental communities on propertyfinder.ae, offers on an average, apartments for AED 102,000 and villas for AED 243,000.
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