Abu Dhabi Outpaces Dubai In Housing Costs

Housing and rental prices in Abu Dhabi have overtaken prices in Dubai for the first time, according to a report by HSBC. The average rent in Abu Dhabi was $272 per square metre in the last quarter 2007 and $430 per square metre in the second quarter 2008, up 58%. Meanwhile, Dubai's average rent was $343 per square metre in the last quarter 2007 and $420 per square metre in the second quarter of 2008, representing only a 22% growth. Similarly, Abu Dhabi's house prices grew 61% between the last quarter 2007 and the second quarter 2008, while Dubai saw a 37% growth in the same period, reported Gulf News.