(MENAFN) The average of residential property cost decrease in Abu Dhabi slowed during the last three months because developers and banks presented incentives to clients.

Even though apartment and villa sales charges kept dropping on average in the third quarter of 2020, the rate slowed to 0.6 percent and 0.2 percent, correspondingly.

Chestertons’ recent study portrayed that average apartment rates dropped 4.8 percent, with villas seeing a decreased of 4.7 percent, year on year.

Chris Hobden, leader of strategic consultancy, Chestertons MENA, noted: “The sales market has been buoyed developer incentives and promotions, including extended post-handover payment plans and fee waivers. This, in conjunction with partnerships with banks to provide customers with access to preferential mortgage rates, has served to support transactions.”

He mentioned that Abu Dhabi’s real estate market witnessed an increase in dealings over Q3, with market activity picking up again, after the easing of social distancing regulations in May

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