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The Abu Dhabi residential property market is still sluggish as apartment rents continue to fall and sales levels remain low, according to the latest real estate data.
Growing supply, combined with a cutback in government spending on economic diversification and infrastructure upgrade, will put additional downward pressure on rents and real estate prices in Abu Dhabi, said a report.
Apartment rents in Dubai fell 3% in the second quarter of the year while rents for villas remained stable, according to a new report by Asteco.
The apartments and villa rents in Abu Dhabi fell 8 per cent in the first quarter, signaling likely further decline this year as new supply hits the market, said property management firm Asteco in its latest report.
Similarly to the rock-bottom price deals to be had in Florida, commercial tenants are flocking back to Dubai as rents continue to drop. As a result, long-term tenancies that create a 'win-win' for landlords and lessees are now becoming more popular.
Rental prices in some of the emirate's most popular residential complexes have decreased by up to a third, reports the Real Estate Regulatory Agency.
A new report from holiday lettings site HomeAway.co.uk uncovers London and Germany as major growth markets for rental enquiries in 2011, with Dubai and Portugal also experiencing significant recovery.
Leaders is urging landlords with properties for sale to think again...
Residential rents in Abu Dhabi and Dubai are set to fall this year, according to officials and experts...
The frenzy of property buying and selling in Dubai has been replaced by a thriving rental sector as the credit crunch continues to play havoc with global property markets...
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