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24 December, 2013: propertyfinder.ae, the UAE's leading property portal, released its latest quarterly report compiling Q4 trends in Abu Dhabi's home prices and rents based on listings and user behaviour on the website. Whilst Reem Island remained the most searched community amongst renters year-on-year followed by Khalifa City, Al Reef, Al Raha Beach and Al Khalidiya, Hydra Village was the surprise entrant on the list. Situated within easy reach of Yas Island, the community offers easy access to downtown Abu Dhabi and Dubai, a factor that might have contributed to its recent rise in popularity given the recent relocation of numerous employees to the capital. “Abu Dhabi's housing market has received a boost from the residency rule. We have also seen additional inventory hit the market this year with residential stock delivered in Al Reef, Al Reem Island, Al Raha Beach and Hydra Village. It will be good to see how next year plays out for the capital's property market even as more supply comes on stream,” said Michael Lahyani, CEO and Founder of properfinder.ae. Al Reem Island, Al Reef and Al Raha Beach continued to dominate the list of most searched neighbourhoods in Abu Dhabi amongst prospective buyers. Q4 also saw a resurgence of interest in Nurai Island, an ultra-luxury private island villa development near Saadiyat Island, whilst Khalifa City retained its year-on-year spot in the top 10 list. “The recent removal of the 5 percent rental cap in Abu Dhabi might result in a hike in rents in neighbourhoods around the city centre, driving residents to seek more affordable locales that may be further from work and offer fewer amenities. Whether this will then result in more units coming back on to the market, more choice, price competition and lower rents in the long term, remains to be seen,” added Lahyani.
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