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Abu Dhabi's most demanded apartment locality of 2017 revealed

Bayut.com has revealed the "most in-demand area" for apartment rentals and purchases, as well as the neighbourhood with the highest-priced studio units, in Abu Dhabi

Al Reem Island has been named as the most popular area for apartment rentals and purchases in Abu Dhabi.
Al Reem Island has been named as the most popular area for apartment rentals and purchases in Abu Dhabi.

The most demanded area for apartment purchases and rentals in Abu Dhabi last year has been revealed. 

Al Reem Island was named by Bayut.com, a digital property portal, as the UAE capital's "most in-demand area for both renting and buying flats" in 2017. 

READ: Abu Dhabi completes 1,104 buildings in Q3 2017

Meanwhile, Khalifa City A emerged as the most popular locality for villa rentals, while Al Reef was the top choice of neighbourhood for villa purchases. 

Returns on investment (ROI) in Abu Dhabi stand at 6.7% for apartments, and 6.6% for villas.

Apartment prices in Al Reem Island declined by 6% to 8% in 2017, based on property type. 

According to Bayut.com, investors would now pay $185,200 (AED680,000) to buy studio units, $299,500 (AED1.1m) to buy one-bedroom flats, and $462,900 (AED1.7m) to purchase a two-bedroom apartment. 

Of the most browsed areas for buying a flat on Bayut.com, Al Raha Beach offers the highest-priced studios at $326,800 (AED1.2m), an 8% decline from its value in 2016.

Meanwhile, a two-bedroom apartment in Abu Dhabi's Saadiyat Island would now cost an average price of $707,900 (AED2.6m), a 11.7% decline compared to corresponding 2016 values. 

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Construction Week - Issue 747
Aug 03, 2019