Abu Dhabi house prices in the last quarter of 2014 remained flat, according to consultancy firm JLL, in a further sign that the property market is cooling.

There was no increase in value of residential property during the period, marking the first time prices did not increase since the beginning of 2013.

“The stabilisation of sales prices signifies that some of the excessive heat has now been removed from the market,” said David Dudley, JLL’s regional director and manager of its Abu Dhabi office.

Abu Dhabi, like neighbouring Dubai, saw a massive decline in house values following the financial crisis, with prices down by more than 50 percent.

Recovery was swift, but there are signs that the market is now stabilising.

Rents in Abu Dhabi’s freehold areas, for example, were up by just 2.7 per cent during the first nine months of last year, according to Cluttons. That followed a 9 percent rise in 2013, the property consultancy said.