Since 2010, when the initial small spurts of growth were noticed in Dubai property prices, experts have been comparing the performance of Dubai real estate with Abu Dhabi property. Since 2010 to the date, the performance comparison shows Dubai real estate outperforming Abu Dhabi property constantly. Experts claim two reasons behind it:
- Dubai being a tourist county and having first class tourist attractions attract property investors more as compared to Abu Dhabi. The living style of Dubai is more radiant ad vibrant as compared to Abu Dhabi which also adds to its lure.
- Global financial crises hit Abu Dhabi real estate late as compared to Dubai so the property prices would also improve here late. After the recovery of Dubai real estate, we can expect Abu Dhabi property to get back to its original position.
As per the latest report, price of property in Dubai has increased whereas Abu Dhabi property is still fighting hard to get out of the hit of global financial crises. During May 2012, the value of property in Dubai increased by 1.42% as compared to April. On the other hand, property in Abu Dhabi declined by 1.1% during the same period. In Abu Dhabi, rental apartment market is outperforming rental villa market, since rents of apartments inched up by 0.53% whereas rents of villas fell by 0.45%.
Dubai real estate on the other hand is posting solid positive growth over the last few months which show worst is over now and recovery is trying to gain momentum. Especially the residential real estate in Dubai is showing strong growth since investors are eyeing Dubai real estate for investment once again. Though different reports show different growth rates yet they all indicate slow and steady recovery.
Commercial real estate in Dubai is still under pressure but landlords and developers’ incentives are expected to boost its demand as well. Once Dubai real estate gets back to its original position, prices of real estate in neighboring countries would also set their track towards the path of recovery.
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