House rent in Abu Dhabi is getting cheaper
House rents in Abu Dhabi have decreased by 16% in the last three months of 2010 in the wake of additional completed homes coming into the market. As per the brokers at Dubai, this sharp fall from the last quarter differs much with Dubai, wherein the swiftness of the fall seems to be breaking now.
The aggregate rent prices for apartments in Dubai has fallen down by 3.3%, while rent prices for villas has fallen by 3.2% in the previous quarter as compared to the quarter prior to reviewed one, as mentioned in a research that was released by the property consultant Cluttons on Sunday.
Analysts hope that the rent prices in Abu Dhabi will resume falling with fresh projects coming up on Reem Island as well as the Corniche. Over 5,000 apartments are slated to be given in the coming six months.
According to Paul Maisfield, the general manager of the Abu Dhabi office of Asteco which is a property firm, the huge quantities stock all breaking through the market simultaneously will most definitely have an impact.
A fresh data indicates that a couple of distinct rental markets are breaking through into the capital.
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