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Realty 'Demand/Supply imbalance' helping Abu Dhabi: Huge demand and less supply in Abu Dhabi's real estate market resultantly pushed prices in the secondary market to a new high, according to industry sources.
Obaid Al Kaabi, managing director of United Group Holding said: "If the average price of a villa in Al Raha was Dh2 million two years ago, we find it today selling at more than Dh4 million, and this simply is the outcome of the market's imbalances, where strong demand is facing a very tight supply."
In new development areas, such as Aldar Properties' Al Raha Beach, prices of the units in the secondary market rose by more than 100 per cent compared to the original price in less than two years. The development of the secondary market in the UAE capital city hastened after the delivery of many units at Aldar's Al Raha Beach development, providing investors with the ability to lease the unit for financing the mortgage.
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