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Abu Dhabi surpasses Dubai in property prices: According to latest reports by HSBC, the housing and rental prices in Abu Dhabi have surpassed the prices in Dubai for the first time. The figures from show that the average rent per sq m in Abu Dhabi was $272 per sq m in the last quarter 2007 and $430 per sq m in the second quarter 2008 representing a 58% growth. During the same period, Dubai's average rent was $343 per sq m in the last quarter 2007 and $420 per sq m in the second quarter of 2008 representing only a 22% growth. For buying a house, Abu Dhabi witnessed 61% growth in house prices between the last quarter 2007 and the second quarter 2008, while Dubai saw 37% growth in the same period.
Majid Azam, HSBC Analyst, said, "The main reason prices in Abu Dhabi are outpacing Dubai is because the market is much tighter and delivery delays are more apparent. Ultimately, we believe that Abu Dhabi should be at a premium because affordability is higher".
The HSBC report also says that while prices of property in the UAE are increasing, they are still affordable by international standards. Based on current plot prices of Dh7,000 per sq m, residential property sales price is estimated at Dh28,000 per sq.m by year end.
Related Stories:
Abu Dhabi Property Boom to continue
Abu Dhabi real estate to appreciate by 30% in 2008
Realty Projects in excess of Dh8.8t underway in GCC
House prices in UAE to climb
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