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Demand for apartment, villas in Al Reem Island on rise

The apartments and villas in Al Reem Island have been more in demand during the second quarter despite rising property prices and rents, according to a latest report.

Abu Dhabi renters can expect to pay, on average, Dh65,000 for a studio, Dh92,000 for a one-bedroom pad and Dh139,000 for a two bedroom apartment. — Supplied photo

Data just out from propertyfinder.ae’s quarter two report reveals the average prices of apartments and villas across key residential communities in Abu Dhabi.

While studio prices in the emirate stand at Dh689,000, a one bedroom in the city costs Dh1.3 million and a two-bedroom apartment, Dh2 million.

“We’ve released this data based on for-sale homes and rentals listed on our site. Topping the list of places for buying property in Abu Dhabi is Al Reem Island, followed by Al Reef and Al Raha Beach. Al Ghadeer enters the top 10 this quarter; its appeal seems to be rising as it did not make the list in second quarter of 2013 and 2012,” said Michael Lahyani, chief executive and founder of propertyfinder.ae, the UAE’s leading property site. The average price of an apartment in Al Reem Island is stood firm at Dh1.9 million with the price per square foot amounted to Dh1,483. Al Reem Island was also the most searched community on the site for renting property in second quarter, according to propertyfinder.ae’s report. “Al Reem Island steals the spotlight from Khalifa City this quarter to become Abu Dhabi’s most searched rental community. Mohammed Bin Zayed City’s appeal seems to be rising. From not making the top 10 in second quarter of 2013 and Q2 2012, the community is now at sixth place,” Lahyani said. Abu Dhabi renters can expect to pay, on average, Dh65,000 for a studio, Dh92,000 for a one-bedroom pad and Dh139,000 for a two bedroom apartment. However, in Al Reem Island rents are also on the rise and the residents will have to pay an average of Dh122,000 for an apartment and Dh275,000 for a villa.

Khalifa City, placing second in the list of Abu Dhabi’s most searched rental communities on propertyfinder.ae, offers on an average, apartments for Dh102,000 and villas for Dh243,000. 


— business@khaleejtimes.com