The Abu Dhabi property prices continued to fall in the
second half of the year 2012 as well. It was reported by Bayut after the end of the second
quarter
that the property prices in Abu Dhabi are falling. The same happened in the
third and fourth quarter as well causing an overall decline of 12 per cent
during the year 2012 in Abu Dhabi property sector. The report also says that
the year 2013 will see a rise in the already ongoing trend that the gap between
the rents of old properties and new properties is increasing.
The experts opine that the trends are going to change after
the talks between the central bank of the country and the Emirates Bank
Association. They are discussing the terms and a condition of the mortgage laws
and this certainly is going to have an influence on the real estate business in
the country. In the year 2013 17000 new homes will be delivered in the city
which is 2000 more as compared to the last year in which 15000 new homes were
completed.
The new developments in the city are more favored by the
buyers and the investors and when compared to the old towns and property
projects, they are found to be in a better position to give the investor a fair
dividend. It is believed that the new properties will be able to give the
investors good return but the old ones are not very much in demand right now.
But the realty sector may see a respite also as the government has decided to
make it compulsory for the employees in Abu Dhabi to reside in Abu Dhabi also
if they want to get the housing allowances otherwise they will be ineligible
for housing allowances in the country.
