Dubai recovering, Abu Dhabi still struggling
There are already signs that Dubai property market is recovering while its neighboring Abu Dhabi, UAE´s capital, is still struggling.
"Dubai is close to the bottom. I don´t think Abu Dhabi has reached the bottom yet," said Craig Plumb of Jones Lang LaSalle UAE.
The Dubai residential property price index (RPPI)—all residential, published by Reidin.com, rose by 7.5% in January 2012 from a year earlier. In contrast, the Abu Dhabi RPPI—all residential dropped 4.1% over the same period.
However, this conceals price movements for different property types. During the past several months, prices of villas have been rising while apartment prices continue to plunge. During the year to January 2012:
Reidin’s Dubai RPPI covers seven cities, eight main districts and four major developments. On the other hand, the Abu Dhabi RPPI covers seven cities and four main districts.
