Monday, November 12, 2012

Abu Dhabi rents down by 6% as new homes arrive

Abu Dhabi rents are likely to fall further in the coming months as another wave of new housing comes on to the market.

Average rents in the capital fell by 6 per cent in the three months to September and by 16 per cent compared with the same period a year ago, according to the estate agency CBRE.
CBRE estimates rents are 63 per cent down on the market peak three years ago. And it predicts they will fall even further over the coming months as new schemes, such as World Trade Centre Residences at Central Market, Nation Towers on the Corniche and Landmark Tower are completed.
The property market is becoming increasingly fragmented, says CBRE, with some tenants negotiating their rents down by between 3 and 9 per cent during the third quarter, while other rents have remained static.
“At this point in the development cycle we see no immediate end to this trend with better quality inventory entering the market, adding pressure to ageing and/or inferior units,” said Matthew Green, the head of research and consultancy for CBRE in the Middle East.

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