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FINANCIAL NEWS
Abu Dhabi’s property market faces pressure
13 Apr 2017
(MENAFN) Abu Dhabi’s property market was affected by low oil prices and a sluggish economy in the first quarter of the year, as proclaimed property specialists.
Meanwhile, the market has been under stress for more than a year after oil-rich Abu Dhabi had to reduce government spending and lay off thousands of workers.
However, sales prices are projected to further fall due to redundancies attributed to the shrinkage of the oil and gas sector.
Furthermore, average sales prices of apartments dropped 1 percent and villa prices fell 9 percent in the cited period of the year compared to last quarter of 2016.
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MENAFN1304201700450000ID1095390329
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