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The rental rates for villas in Al Ain have increased by an average of 16 per cent in 2014 while apartments have posted an annual rise of four per cent, according to Asteco’s study on property trends in the Garden City.
The most popular residential areas in Al Ain are Al Jimi and Al Manasir. A new one- bedroom villa located in Al Jimi commands an annual average rent of Dh90,000, up from Dh75,000. If you are planning to rent a three-bedroom villa in the same locality, you need to shell out Dh155,000 per year. A one-bedroom villa in Al Manasir has a rental tag of around Dh80,000 while a three-bedroom villa is pegged at Dh160,000. In the months ahead, Asharej is expected to be a bustling residential cluster, thanks to a number of new villas being built here.
According to Urban Planning Council’s plans for the city, a major redevelopment plan for the Central Districts will be undertaken including new transport and transit initiatives. As part of the masterplan’s Phase 1, new housing projects for Emiratis will also be undertaken.
For Phase 2, the major structural components of the Gateway Transit Corridor will be planned which will include connecting the city with a tram network.
By implementing Phase 3 in 2030, the Al Maqam, Asharej and Al Muwaiji districts will join the Central District to house the majority of Al Ain residents and commerce. Residential clusters in Hili, Al Jimi, Al Mutaredh and Sanaiya will also receive a facelift.
Retail rental rates have remained stable in the last three years, with an average rate of Dh2,225 per square meter per annum for major malls in Al Ain. Some of the prominent retail destinations in the city include Al Ain Mall, Al Jimi Mall, Bawadi Mall, Boutik Mall and Wahat Hili Mall.
The office market has remained stable across all locations, with the exception of lower quality space where rental rates declined marginally. Asteco has predicted a slight increase in rental rates for quality office space, especially in the Town Center and its surrounding area.
• New residential developments for UAE nationals are in the pipeline
• A new tram network is being planned for the city for residents’ convenience
• Manasir and Al Jimi are the most popular residential areas in the Garden City
Source: S. Dhar, Special to Properties
The writer is a freelancer