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Residential property rents in Abu Dhabi fell to their lowest level since 2016 in the second quarter, according to a new report from real estate consultancy ValuStrat.
This ValuStrat Price Index Abu Dhabi rental value (VPI) fell 3.4% month-on-month to 72.3 points, 27.7% below 2016 levels. The index is based on five apartment and five villa locations.
Per year, rent is It said it was nearly 7% lower than last year. Villa rents fell 2.3% month-on-month and 6.8% year-on-year, while apartment rents fell 4.3% month-on-month and 7% annually.
“Exceptions to the negative trend include the upward adjustment of apartments in Al Reef … while MBZ City, Al Reef and allaha,” ValuStrat said in its second-quarter report.
It added that in a sample of more than 48,000 houses in Abu Dhabi City, the average occupancy rate was 80.9%.
an earlier A report by real estate consultancy Asteco Compared with the first three months of this year, rents across the city were basically flat in the second quarter, said Mr.
Check out Asteco’s latest data on the slides below:
According to ValuStrat, the average annual rent in the second quarter was AED47,800 ($13,016) for a one-bedroom unit, AED70,500 for a two-bedroom unit and AED152,000 for a three-bedroom unit. The annual rent is AED 62,100 for a two-bedroom villa, AED 137,600 for a three-bedroom unit and AED 192,150 for a four-bedroom unit.
Four projects were completed during the quarter – Central Park Towers, Shams Abu Dhabi (301 units), Al Seef Central and two apartment towers (278 units) in the Al Raha Beach development.
Off-plan projects announced during the quarter include the 512-unit Mayayas Island, Grove Museum View Saadiyat Island With 102 units, Alreeman II Al Shamkha has 554 units and Aryouf Gardens 2 There are 98 units.
ValuStrat recorded modest growth in residential capital values ​​during the quarter.
So far this year, VPI has grown less than 1% quarter-on-quarter, villas are up 1.5% quarter-on-quarter, and condo prices have held steady between April and June.
“Each year, VPI increased by 6.2% to 71.4 points, villas increased by 8.1% year-on-year and apartments increased by 4.3% year-on-year,” it said.
“The capital value of all properties monitored by the VPI has grown at an average annual rate of 3.9% to 9%.”
Villas on Saadiyat Island had the highest annual capital gain at 9%, while apartments on Al Muneera Island performed the best at 6%.
This UAE real estate market The index has grown sharply over the past year as the broader economy recovers from the coronavirus-induced slowdown. Dubai is particularly strong, Sales hit a 12-year high July.
Updated: August 15, 2022 11:39 AM
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