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Abu Dhabi posted a 5 per cent quarter-on-quarter increase in rental prices in the third quarter, according to a study by realty firm Nationwide Middle East Properties. The study also revealed a steady movement among renters towards Mohammad Bin Zayed City and Khalifa City and other leasehold locations such as Al Reem Island and Al Reef Project.
According to the study, the yearly rental price for a studio at Al Reem Island ranged from Dh70,000 to Dh75,000 during the third quarter, while prices for a one-bedroom unit ranged from Dh85,000 to Dh105,000. Two-bedroom units cost between Dh125,000 and Dh160,000 and three-bedroom units between Dh170,000 and Dh240,000.
“When it comes to rental destinations, Al Reem Island tops the list, followed by Ghadeer, Al Raha Beach, Al Reef, Hydra Village, Baniyas, Khalifa City and Saadiyat,” said Ameen Al Qudsi, CEO of Nationwide Middle East Properties.
At Al Reef, the yearly rental price for a studio was around Dh60,000-Dh65,000, while it was Dh80,000-Dh85,000 for a one-bedroom unit, Dh95,000-Dh100,000 for a two-bedroom unit and Dh120,000-Dh130,000 for a three-bedroom unit.
Rental prices at Al Raha Beach start from Dh95,000 for one-bedroom apartment and up to Dh235,000 for a four-bedroom unit. At Al Saadiyat Island, rental prices for a studio unit starts at
Dh95,000, while a three-bedroom apartment can fetch up Dh25,000. Prices were a lot more competitive at Ghadeer, with rents ranging from Dh40,000-Dh45,000 for studios, Dh50,000-Dh55,000 for one-bedroom apartments and Dh70,000-Dh85,000 for two-bedroom units.
The study also noted a continued strong demand in the sales market for property in Al Reem Island, Al Reef and Al Raha Beach.
Source: Special to Property Weekly