Apartment Rents Across Abu Dhabi 20% Higher than Dubai
Over the last three month of 2009, apartment rents across Abu Dhabi declined marginally, on the back of an increased supply of residential properties, as per a recent report published in Monday.
Asteco, the property services company, shared that despite the fact that rents across Dubai managed to remain, on an average, stable over 2009's last quarter, apartment in Abu Dhabi are still about 20% more expensive than those in Dubai, with regards to the rent.
“Given the slight increase in vacancy levels and the additional supply of residential property in Abu Dhabi, the rental market has shown signs of softening, striking more of a balance between the negotiating power of tenants and landlords", said Elaine Jones, CEO of Asteco.
With regards to the new quality supply in Abu Dhabi, there are about 2,000 new apartments, which are all set to be leased on the main Abu Dhabi Island over 2010's first half, and a similar number will be leased over the second half, the report has shared.
In addition to the above, 6,500 apartments will be provided by the Marina Square, Sun & Sky Towers and Al Bandar by the end of 2010's second quarter, which is bound to pull the prices further down.
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