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Abu Dhabi luxury housing rises fifth-fastest in the world

Prime house prices in Abu Dhabi rose by the fifth-fastest rate in the world last year, according to a new report. Luxury house prices in the capital rose 14.7 per cent last year on average, placing them just behind those of New York, Aspen, Bali and Istanbul in a world survey. The placing was a slight improvement on 2013, when the same survey ranked Abu Dhabi the eighth-fastest rising housing market in the world with a 15 per cent increase in prices. According to the study, house price growth in Dubai slowed to just 0.3 per cent last year from 17 per cent in 2013 as new rules capping the amount of money buyers were allowed to borrow came into force. By contrast, JLL data found that average apartment prices in investment areas, which also includes prime property, in the capital, rose 18 per cent last year, while villa prices rose by 25 per cent. The property broker reported that in Dubai, investment area apartment prices increased by 23 per cent, while villa prices rose 12 per cent. According to the Knight Frank index of prime house prices in 100 global cities, the value of luxury residential property around the world rose on average by just over 2 per cent last year, down from almost 3 per cent in 2013, brought down by flat or negative growth in 40 locations.