UAE tip for foreclosed property seekers

Those looking at countries in which to buy foreclosed property should consider Abu Dhabi, an expert has said.

Head of research at investment portal Property Frontiers Christopher Chadd claimed that the investment prospects are particularly good for the emirate because its development has lagged behind that of neighbouring Dubai, meaning it has an "advantage" in having observed the latter's mistakes.

"The discounts are not the same as Dubai, but the state is far richer and the potential going forward is far greater," Mr Chadd commented, stating that for this reason an investment in Abu Dhabi would be a "solid addition to most portfolios."

Earlier this week, property experts CB Richard Ellis produced their second quarter analysis of the market in Abu Dhabi, which noted that it has suffered heavily from the downturn in the past year.

However, the report added, there are "encouraging" signs of stability emerging, with price falls being "significantly less" than in the first quarter of 2009.