Saturday, January 08, 2011

Abu Dhabi tenants re-locate in search of quality affordable units

The tenants in Abu Dhabi are re-locating in search of quality and affordable apartments, with leasing rate dropping by 7percent and villas by 5percent, said a fourth quarter report published by the leading property management company, Asteco.

With increased supply, the cost of rentals in the capital have continued to fall for the past three months in 2010, dropping at an average rate of 7percent for apartments, while on-island properties fell by 6percent.
Several factors have contributed to this condition, including the price-driven demand, lack of company housing allowances and landlords getting flexible with rates.

A double bedroom apartment in Al Raha Beach is now rented for Dh.120,000 to Dh.190,000 annually.

The CEO of Asteco Property Management, Elaine Jones, mentioned that several new opportunities will arise in 2011. The tenants and buyers will have wide range of choices shortly, as the first phases at Reem Island come on stream, with the new supply at Al Raha Beach.

1 comment:

Justice Advocates said...

Very Interesting Article. Yes, Properties have surged in Abu Dhabi!
Also though we should learn from our mistakes in keep an attorney involved in our transactions from the onset. I've learned the hard way.