Abu Dhabi property prices down 15% in 2010 so far, new real estate index shows

Residential property prices in Abu Dhabi have fallen by 15% in the first three quarters of 2010 compared to the same period last year, according to a new property index being launched in the emirate.

The new Reidin.com data is the first in Abu Dhabi to be based on the valuations and listings of property and follows a successful launch in neighbouring Dubai.

According to property professionals it represents a new era and shows how the emerging real estate markets in the Middle East are maturing as they provide accurate and frequent data that can be relied on.

Apartment prices fell by 2.435 while villa prices dropped by 2.4%, the Reidin.com index shows. However, the company said there was a sense of optimism as prices of smaller and larger apartments rose moderately during the month.

Prices for apartments of 50 square meters and under rose by 0.77% last month compared to August but they are down 13.37% year on year. Meanwhile, apartments of 151 square meters or more rose by 0.86% month on month but are still down 5.74% year on year.

(C) Property Wire