Arab Today, arab today abu dhabi rents to fall amid surge of new homes
Last Updated : GMT 20:55:15
Arab Today, arab today
Arab Today, arab today

Abu Dhabi rents to fall amid surge of new homes

Arab Today, arab today

Arab Today, arab today Abu Dhabi rents to fall amid surge of new homes

Abu Dhabi - Arabstoday

Rents in the UAE capital are set to slide next year with nearly 25,000 homes scheduled for completion, real estate consultancy Asteco said in its latest report. Rates in the emirate stabilised in the fourth quarter, aided by a delay in home handovers, but will be squeezed by an expected 18,800 apartments and 5,950 villas due for completion in 2012. “The delay in handover this year will only exacerbate the volume of new supply delivered in 2012, and consequently, rents will again come under further downward pressure,” said Elaine Jones, CEO of Asteco. More than 12,000 residential units will enter the market in the first half, the report said, spurring new competition between landlords to retain tenants. “Approximately 8,000 of these units would represent a significant improvement in quality compared to existing stock, providing tenants as well as buyers with significantly better value-for-money options,” Jones said. The average yearly rent for a one-bedroom apartment on the Corniche in the fourth quarter was AED95,000 while a two-bedroom apartment cost AED152,500, the report noted. Annual rents for one and two-bedroom apartments at Al Raha Beach were AED112,500  and AED152,500 respectively. Sales prices in the city stayed flat throughout 2011 as limited supply and high prices dissuaded potential buyers from investing, the report said. Just 6,680 apartments and 3,600 villas were handed over during 2011, far below forecasts, thanks to handover delays in major projects. A four-bedroom villa in Al Raha Gardens in the fourth quarter cost between AED1.9m and AED2.6m while a four-bedroom villa in Al Reef Villas cost between AED 1.5m and AED1.6m. The UAE\'s property boom ended in 2008, with house prices in Dubai plunging by about 60 percent, forcing many developers to abandon projects. More than half of the projects in Gulf country were scrapped or cancelled as project finance dried up. Abu Dhabi more recently has seen an emirate-wide slowdown of large infrastructure projects, as the government scales back its project spending in line with current economic realities. TDIC, Abu Dhabi’s tourism arm, said on Oct 29 that it would delay the completion of the Zayed National Museum and branches of the Louvre and Guggenhem due to the “magnitude of work”. “Clearly, on some high level, steps are being taken to reappraise everything across the board. Abu Dhabi is of course a long way away from being in trouble, but it may be looking ahead,” said David Butter, regional director for Middle East and North Africa at the Economist Intelligence Unit. “ The value of construction projects scrapped or on hold across the whole of the UAE soared to $958bn in the 12 months to October, Citigroup said on a report issued on Tuesday. The Gulf nation now has $604bn worth of projects planned or underway, a decline of 33 percent on the year-earlier period, Citigroup said. Just $14bn worth of new projects were announced in 2011, representing a 58 percent fall on the previous year.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today abu dhabi rents to fall amid surge of new homes Arab Today, arab today abu dhabi rents to fall amid surge of new homes

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Egyptian tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Egyptian tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday