Abu Dhabi rents remain stable in the third quarter

23/10/2014 05:41 AST

Abu Dhabi apartment and villa rents were largely unchanged during the past quarter, according to a new report from the property company Asteco. This comes on the heels of falling rents in Dubai.

The report shows rental fluctuations in the single digits for both villa and apartments in the capital.

High-end apartment rents in Saadiyat Beach were subject to the highest increase of the quarter, rising 8 per cent, while low-end apartments in Khalidiya and Bateen dropped 4 per cent during the same period.

Rents for villas rose 5 per cent increase in Bloom Gardens, while at the other end of the spectrum villas in Hydra Village fell 3 per cent.

Apartment and villa prices were little changed during the quarter, but are up 28 per cent and 14 per cent year-on-year.

“The popularity of developments within investment areas is a trend that continues to be simulated quarter on quarter as sales prices firm up,” said Asteco Abu Dhabi’s general manager Jerry Oates. “The sales volumes achieved by Aldar on the Ansam and Al Hadeel projects at Al Raha Beach and Yas Island have highlighted the robust demand for the right type of product within investment zones.”

Asteco reported earlier this week that average apartment rents in Dubai had fallen 2 per cent after 10 quarters of increase, with a 3 per cent dip in villa rents, thanks to increasing stock on the market.


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