Exactly as it was predicted, 2012 has revealed favourable results for Abu Dhabi real estate sector. Unfortunately, this year has not been the year of robust recovery for Abu Dhabi property market where oversupply has resulted in a steep drop in property prices so far during all its consecutive quarters. Despite such a performance, Abu Dhabi properties managed to do well and remained the second most searched emirate on Bayut.com during 2012. As per Bayut Search Trends, so far Al Reem Island, a popular residential spot in Abu Dhabi located 600 metres off the main Abu Dhabi Island, remains the top performer in 2012. Al Reem Island reveals a successful track record of maintaining its top position on Bayut’s popularity Index with 100 base points. With thousands of prospective buyers making searches for Al Reem Island property during the first three months of 2012, it maintained its top rank with maximum Popularity Index points on Bayut during the entire first quarter.
Q2 started with the prediction of bigger and better recovery for Al Reem Island properties which turned out to be true. Al Reem Island did not allow any other area to snatch its top ranking on the charts and once again maintained its position in the index with 100 base points. In comparison to Q1, Al Reem Island recorded a remarkable increase of 72% in property searches in Q2 from prospective buyers. This tremendous increase made it evident that margin of recovery in property price is decreasing in Al Reem Island and soon prices will strike back to their 2008 highs.
Despite the period of business slowdown in Ramadan during Q3, a spike was noticed in Bayut’s search trends for Al Reem Island Abu Dhabi. The total increase of 150% in the number of searches for property in Al Reem Island during Q3, in comparison to Q1 stats, has astonished experts at Bayut because this percentage of increase is much higher than was expected.
Within Al Reem Island, Marina Square, Shams Gate and Shams Abu Dhabi continued to shuffle their ranks in the index during 2012 but this is evident that these areas made the top three desired areas for buyers to live in Al Reem Island. Bayut.com is glad to see such spectacular performance of Al Reem Island property during first three quarters of 2012 and it has helped it to recognize the importance of the area in playing key role in boosting Abu Dhabi real estate sector.
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