Real Estate Top Stories

Abu Dhabi property price rises 2.1% in Q2 during Covid-19 rebound

Consultants from ValuStrat price index mentioned that the growth has been consecutively rising since the last three months

The valuation-based ValuStrat Price Index (VPI) that measures capital value in the residential properties of Abu Dhabi mentioned that they have witnessed an increase of 2.1 percent during the second quarter of 2021 and now is upto 65.8 points, according to media reports.

Since 2016, the VPI has witnessed three consecutive quarters of growth, growing by 7.2 percent since Q4, as mentioned by ValuStrat’s Abu Dhabi Real Estate second-quarter report.

It mentioned, “Annually, capital values were 3.9 percent higher recovering from the Covid-19 headwinds of last year. The weighted average residential value this quarter was Dh8,816 per sq m (Dh819 per sq ft), apartments stood at Dh 9,634 per sq m (Dh895 per sq ft), and villas at Dh6,867 per sq m (Dh638 per sq ft).”

All the properties monitored by VPI also registered quarterly growth in capital values ranging from 1.2 percent to 2.7 percent. Some of the highest-gain locations were apartments in Al Reem Island 2 percent, and villas located in Saadiyat Island 2.6 percent and Mohamed bin Zayed City 2.7 percent.

The second quarter VPI saw a 4.3 percent quarterly rise, and 4.5, raising the total number of points to 77.7 points. The gross yield of the city averaged 7.4 per cent, with apartments at 7.6 percent and villas at 6.8 percent.

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