The Abu Dhabi real estate market remains stable, despite a slowdown in government spending, according to property services firm JLL's latest report. The general trend for Q3 and the preceding two quarters of this year has been "stability", the report says. David Dudley, International Director at JLL, says government spending largely declined due to the fall in oil prices. He tells ARN when the slow down is expected to ease.
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Residential prices rose 25% in both 2013 and 2014 before flattening off, JLL says. Meanwhile, rents for apartments rose 7%, while houses went up by 3% over the last 12 months. Sales prices have remained steady over the same period. Dudley adds that demand for property continues to grow but at a slower pace, while supply is well under control as developers remain cautious.
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