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There is a flight to quality in Abu Dhabi?s real estate market. Upscale properties ? residential, commercial or retail ? are assured of consistent demand and value gains, according to the latest quarterly update from Jones Lang LaSalle, the consultancy. The flip side, however, is that the market is seeing clear tiers getting formed.
?Recovery remains selective in terms of quality of location, design and management ? leading to product differentiation and two-tier performance between high- and low-grade property,? said David Dudley, regional director and head of the Abu Dhabi office at JLLS.
No where is this more apparent than in the residential space; ?residential recovery? remains confined to the premium locations, while, worryingly, ?secondary sub-sectors continue to decline?.
The consultancy reckons that 2,700 residences were released into the Abu Dhabi market during the third quarter from completed buildings at Rawdhat and Danet on Airport Road, the Mangrove Place on Reem Island, Khor Al Raha apartments by Adnic at Al Raha Beach, Al Reef Downtown in Al Reef and additional units within Aldar?s Al Falah scheme.