Fall in rents making Abu Dhabi a more affordable place to live
Abu Dhabi has become a more affordable place to live due to a fall in residential rents over the past 18 months caused by general oversupply and low demand, the latest analysis of its rental property market suggests. However, residential rents in areas benefitting from strong demand have increased by as much as 25% during the last six months, defying general trends across the market, says the latest report from Cluttons.
The supply of both office and retail premises has also increased over the last six months with further developments set to be delivered throughout 2013. It points out that since October 2012 there have been a number of large scale announcements, demonstrating Abu Dhabi’s commitment to its economy and real estate sector. The merging of developer giants Aldar and Sorouh, twinned with the announcement that Abu Dhabi’s Executive Council plans to pump AED330 billion into the economy and infrastructure over the next five years, have provoked a feeling of optimism in the real estate sector. [click to continue…]
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