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Abu Dhabi's property market follows Dubai's growth path: report

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(Globalpost/GlobalPost)

The gap in rental and sales prices between the UAE's capital Abu Dhabi and Dubai is narrowing in the first quarter of 2013, reflecting that Abu Dhabi's property market is following Dubai's growth path, a report said Sunday.

According to the report released by Dubai-based real estate agency Asteco Property Management, average rental rates in Abu Dhabi rose by eight percent in the first three months this year, while sales prices in upscale areas soared by 13.5 percent.

Abu Dhabi's real estate sector has faced several difficulties in recent years, resulting in low rental and sales prices in Abu Dhabi, while the neighboring Dubai witnessed an increase by over 25 percent in rental and sales prices of real estate properties, said the report.

"The rental gap is narrowing between Abu Dhabi and Dubai in the first quarter this year, and Abu Dhabi now has a more competitive offering," said Paul Maisfield, associate director and general manager of Asteco in Abu Dhabi. Maisfeld added that "many newcomers to the UAE also now prefer to live in Abu Dhabi rather than Dubai."

Philippines News agency

http://www.globalpost.com/dispatch/news/asianet/130415/abu-dhabis-property-market-follows-dubais-growth-path-report