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The Q3 2015 Abu Dhabi MarketView by global real estate consultancy firm CBRE reveals that average residential market rentals while maintaining around 2-3 per cent growth over the past quarters, saw a marginal decline of around 1 per cent quarter on quarter, but maintained an annual growth rate of close to 8 per cent.
The negative impact of the economic slowdown is evidently being felt in the Abu Dhabi residential market, with rents finally being checked after a series of quarterly rental growth, which stretched back to the third quarter of 2013.
Mat Green, Head of Research and Consultancy UAE, CBRE Middle East said that the market is showing some signs of fragmentation, with older and poorer quality apartments experiencing rental declines and these have dragged down the performance of the wider market. “However, residential villas depict a contrasting trend, recording a small increase of less than 1 per cent during Q3 2015. The limited supply, particularly within the main Abu Dhabi island, reinforced the steady performance of this segment.”
Amongst residential property types, smaller units such as studios and one-bedroom apartment units remain in strong demand. On average, annual rentals for upper middle and high-end properties ranged from Dh60,000-105,000 per unit per annum for studios and Dh85,000-150,000 per unit per annum for one bedroom units. In comparison, the rental prices for inferior housing units and those outside in tertiary locations ranged from Dh30,000-50,000 per unit per annum for studios and one bedrooms respectively.
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Source: Property Weekly