Weakened Demand In Abu Dhabi Residential Market To Keep Pressure On Sales And Rental Rates Says Chestertons

Abu Dhabi’s housing market continued to feel the pressures of weakened demand, sluggish economic growth, and cautious investor sentiment according to the latest Abu Dhabi Residential Market Q3 2017 report from leading international property company Chestertons MENA.

Ivana Gazivoda Vucinic, Head of Advisory and Research, Chestertons MENA, said: “In the first half of 2017, we saw a number economic factors place downwards pressure on the Abu Dhabi housing market including low oil prices, increased stock in the secondary market, a rising cost-of-living and work redundancies.”

“In Q3, these factors continued to steer market performance, while the announcement of new, high-end residential projects, raised caution among investors. However, an expected revival in oil prices due to global stock depletion and renewed government activity thanks to VAT receipts has cast a slightly more optimistic outlook for the market.”