August saw the Dubai real estate market continuing with its price correction, while Abu Dhabi registered some healthy spikes in both the rental and sale markets, according to the latest property report from real estate website Bayut.com.

He said demand in Abu Dhabi’s real estate market has been boosted by the government’s decision to introduce a rental index by the year-end and other efforts to regulate the market, as well as a constrained supply.

Khan said activity picked up at the end of the month as Dubai approached Cityscape Global 2015, where developers announced several new projects.

“Rumours of impending crises and excessive supply have so far turned out to be exaggerated, as not many of the anticipated 25,000 units have actually hit the market,” said Khan. “The general sentiment in the market is one of resilience, with most stakeholders attributing the current period of slowed growth to seasonal fluctuations and depreciating value of several currencies.”

However, there were large differences within Dubai. For example, Downtown Dubai studio prices dropped 3% year-on-year, while prices in Dubai Marina registered a healthy 29% annual increase.