Arab Today, arab today rents continue to fall in abu dhabi
Last Updated : GMT 05:43:52
Arab Today, arab today
Arab Today, arab today

Rents continue to fall in Abu Dhabi

Arab Today, arab today

Arab Today, arab today Rents continue to fall in Abu Dhabi

Abu Dhabi - Arabstoday

Apartment rents and sale prices in Abu Dhabi continued to decline in the second quarter of this year as new stock entered the market, outpacing demand, property consultancy firm Asteco said on Tuesday. While rents for quality villas, which are still in short supply remained relatively stable, additional supply will put some downward pressure on prices as the year progresses, Asteco said in its second quarter 2011 report. It said apartment rents fell by an overall average of nine per cent during the quarter. "Two-bedroom apartments in quality developments on the Abu Dhabi Corniche are now leasing for between Dh140,000 and Dh170,000, while apartments in central Abu Dhabi ranged from Dh120,000 to Dh140,000," said the report. "The downward trend is unlikely to change in the short term due to further prime stock entering the market across a number of key landmark developments in the second half of the year," said Elaine Jones, chief executive officer of Asteco Value for money "This will encourage existing tenants to look for greater value for money in the capital, applying yet more downward pressures on rental prices," she added. David Dudley, regional director for Jones Lang LaSalle (Middle East and North Africa), a global property advisory firm, told Gulf News that though he agreed with Asteco that rents in Abu Dhabi were falling, they weren't falling quite as much as was being projected. The Asteco report also pointed to some areas that are beginning to buck market trends, such as the Al Bandar development at Raha Beach. The few units that have been handed over have managed to secure moderately higher rents than were achieved in the previous quarter. "Two-bedroom apartments are now leasing for between Dh140,000 and Dh180,000. This increase is likely to be short-lived however, given the imminent handover of Al Zeina," said Asteco. It said the handover of apartments in Sun and Sky Towers is anticipated to bring renewed confidence to the freehold market, while Sorouh's launch of the popular rent-to-own scheme is also hailed as a welcome innovation, with Aldar planning a similar scheme on certain properties at Al Raha Beach. Small gain in villas The report found that villa sales prices in Al Raha Gardens, Al Reef and Golf Gardens witnessed modest gains of about three per cent overall, but sales prices for three-bedroom properties continued to decline, with falls of up to five per cent. At Saadiyat Island, the Saadiyat Beach Villas, which comprise a high-end luxury development, are selling from Dh6.5 million for a three-bedroom villa to over Dh30 million for a six-bedroom property with views over the Gary Player golf course, it added. "The UAE federal government has announced the decision to extend the property visa period from six months to three years. This can only be a positive move and is expected to improve demand among foreign investors in the emirate," said Jones. Meanwhile the office rental rates in Abu Dhabi recorded a decline of seven per cent in the second quarter with landlords prepared to negotiate to secure tenants.

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 rents continue to fall in abu dhabi Arab Today, arab today rents continue to fall in abu dhabi

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
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