Property prices in Abu Dhabi declined faster in 2017 than they did anywhere else in the world, according to a new report.
According to Knight Frank’s Global Residential Cities Index for 2017, property prices in the UAE capital declined by more than 9% last year. It was ranked 150th out of the 150 cities listed on the index.
Dubai didn’t fare that much better, if we’re honest. The report ranked the UAE’s second city 134th on the index, having seen property prices slump by an average of 2% in 2017.
Dubai and Abu Dhabi were two of just 26 cities listed on the index that had seen property prices fall over the past year. Almost half of those cities were in Europe. As for the Middle East, overall, prices are going up, despite the 2017 slump seen by Dubai and Abu Dhabi. Over the past five years, regional property prices have grown by 58%.
Experts believe, however, that 2018 will be the year in which UAE property prices bottom out, with some expecting growth towards the end of the year.