2% drop in apartment rentals in Abu Dhabi

Urgent news from the United Arab Emirates, where rents for apartments and villas in Abu Dhabi dropped by 2% and 4% respectively in the second quarter of this year, registering annual declines of 10% and 9%, showing trends similar to the previous quarter, according to a report from Asteco Real Estate Services.

The decline in studio and three – bedroom apartment prices ranged from 1% to 5% in the second quarter, from 5% to 18% from one year to the next and the nightclub clubs. Golf experienced the largest declines since the second quarter of 2017 from 14%, followed by Al Raha Gardens by 13%.

Sale prices for apartments remained relatively stable in the second quarter, but recorded an annual decline of 8% .Al Raha Gardens led lower prices for villas, with an average decline of 4 % in the second quarter of 2018, John Stevens, CEO of Stevens, said: Sales in Abu Dhabi have remained weak, with demand for luxury and large properties dropping significantly, but recently announced projects offered at attractive prices and with flexible repayment plans continued to spark interest. , Including the newly launched phase II project of AL Ghadir, which was very popular.

About 1,000 housing units were completed in the second quarter of 2018, with most of the supply concentrated on Reem Island. By the end of 2018, an additional 5,800 homes will be delivered in areas such as the island of Al Reem, Yas Island, Saadiyat Island, the beach. Al Raha, Al Rawda and other areas.

The demand for office space remained low, with a generally low participation rate, unlike some free zones, with office occupancy rates reaching 95%.

In Al Ain, rental prices for villas have fallen an average of 7% since the first quarter of 2018 and 12% per year, while large units of four and five bedrooms have experienced a significant decline. Full Similarly, apartment rents declined an average of 2% in the second quarter of 2018, despite existing housing complexes.