Friday, 20 May, 2022

Abu Dhabi residential capital values hit five-year high in Q4

DUBAI: The capital values of villas and apartments in Abu Dhabi rose to their highest level in five years in the fourth quarter of 2021, underpinned by a broader recovery in the UAE economy, according to property consultancy ValuStrat.

The ValuStrat Price Index (VPI) for Abu Dhabi, which monitored five villa communities and five apartment areas in the emirate, jumped 11 per cent on an annual basis to 70.2 points in December. On a quarterly basis, it grew 2.1 per cent, report agencies.

VPI is a valuation-based index that tracks the change in capital values for a representative fixed basket of properties.

Although Abu Dhabi’s residential capital values outperformed 2019 figures by 1.7 per cent, prices are still 29.8 per cent below 2016 levels, according to ValuStrat.

For villas, the highest annual capital gains were recorded in Al Reef (13.5 per cent), Saadiyat Island (13.5 per cent) and Al Raha (12.9 per cent), the consultancy said.