Abu Dhabi Rents Fall

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In a tenant driven market, the Abu Dhabi rents are sliding down, giving house hunters a good bargains. According to data released by Asteco, a property management firm- the average rental price dropped by a nine percent in the second quarter.

“It’s a tenant-led market at the moment,” Paul Maisfield, the general manager of Astecos Abu Dhabi office said. “A lot of supply is coming on line when demand is not there he added.

Two-bedroom apartments in the capital, in a high-quality developed areas renting for between Dh140,000 and Dh170,000 a year, the company reported, which last year was on the market for Dh210,000 to Dh230,000. According to the data, the rates are down from a 25 to 40 percent compared to last year.

More than 16,000 residential units are expected to be completed and handed over by next year and this will further bring the rents down in the emirate.

“It will be an interesting six months,” Mr Maisfield said. “These developments will set important benchmarks for the market.”

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