Abu Dhabi property rents falling

Country:  Abu Dhabi

15 July 2009

Abu Dhabi property rental prices, particularly in the apartment sector, are continuing to drop, according to a new report.

Property service company, Asteco’s 'Abu Dhabi report for the second quarter of 2009' issued yesterday, shows that rents for apartments are falling on the back of greater residential supply, and growing demand for villas off the island.

Andrew Chambers, Asteco’s managing director, said: “In Abu Dhabi, tenant demand for quality residential units continues to increase, though at a slower pace. However, this scenario is in line with regional trends.

“Demand for rental property is still high but tenants have been able to take advantage of the increasing number of choices to negotiate better deals and more affordable homes.”

The report shows that the greatest tenancy demand is for newly-built homes in Abu Dhabi, particularly at the top end of the market. However, demand for villas is also increasing, given that rental prices are becoming cheaper.

See Also:   Abu Dhabi, Buy to let, Marc Da-Silva, Overseas property investment news, Rent