UAE real estate report reveals resilience in Q3
UAE real estate market has performed resiliently in Q3 2015 despite heavy speculation that the market would underperform. According to latest report by Tasweek Real Estate Development, prices did not go down as significantly as expected except in some cases.
CEO of Tasweek Masood Al Awar said: “We were pleasantly surprised with how the market performed against expectations this Q3. This sets the sector up for a good year overall as it slowly prepares for a stronger and better 2016. As our report noted in Q2, diversification, favourable demographics and a sound regulatory environment will continue to protect the UAE’s property business from any harmful market shifts.”
Abu Dhabi’s residential market sustained the Q2 trend, with land lords continuing to protect rental levels via strict supply controls. Overall, Q3 prices did not change significantly in Abu Dhabi over the previous quarter. Whereas Dubai’s residential prices remained stable overall, although the Dubai Land Department reported that transaction volumes dropped by 64% compared to Q1 2015. Average residential transaction prices also declined year on year by 12.7%.
Al Awar said: “Q3 figures show that the UAE’s property sector is still ripe for growth and expansion behind strong market fundamentals and high consumer confidence.”