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rental price In the third quarter of this year, some of the cheaper parts of Abu Dhabi fell, even as the cost of luxury living was rising.
Khalifa City A is an attractive option for those looking for bargains, with an average annual rent of AED 28,000 for a one-bedroom apartment, unchanged from Q2, and an average annual rent of AED 41,000 for a one-bedroom apartment , down 0.9% over the past three months.
While luxury rents are up 10 per cent across the board, good deals can still be found in some of the capital’s most sought-after locations.
Haider Tuaima of real estate consultancy ValuStrat said rents in Abu Dhabi have not soared like those in Dubai.
The average annual rent for a villa in Dubai hit 268,758 dirhams ($73,171) last month after prices rose 26 percent in the year to the end of September, according to CBRE. Average apartment rents surged 27% to AED89,986.
Overall, rents in Abu Dhabi City have stabilized this year, with some properties even seeing price declines
Heidel Figure Emma, ValuStrat
“Overall, rents in Abu Dhabi City have leveled off this year, and some properties have even seen prices fall,” he said.
There are relatively few new properties on the market compared to Dubai, which has around 50,000 new homes under construction.
“We expect to have around 7,000 new units in the market by the end of this year,” he said.
“And no major projects will be completed in the next three or four years, except for some high-end developments such as the Louvre Residence and the Villa Jubail.”
Bayut and dubizzle’s Q3 2022 report shows that on Yas Island, prices for two-bedroom apartments fell by 10.27 per cent and for one-bedroom units by 5.7 per cent. Abu Dhabi show.
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On Reme Island, rents for one- and two-bedroom units fell by less than 2 per cent, the report said.
Rents for cheaper units in the Hamdan Street and Tourist Club areas also fell between 1 per cent and 4 per cent. Rents for a two-bedroom apartment in Khalifa City A also fell by 2.36 per cent in the third quarter.
Some of the biggest rental growth was found on Corniche.
Currently, the average price of a one-bedroom apartment is around AED 75,000 (up 6.67% in Q2), a two-bedroom apartment is typically priced at AED 101,000 (up 3.59%) and a three-bedroom apartment is priced at AED 116 ,000 (up 9.06%).
Where to rent in the capital
Khalifa City A
Khalifa City A, located on the main highway to Dubai, is reported to be the most popular and cheapest area to rent in Abu Dhabi. The area has grown into a sprawling residential centre dotted with schools and nurseries.
The prevailing price for two bedrooms in the area in the third quarter of 2022 was AED 60,000, down 2.36% from the previous quarter.
Prices for one-bedroom units in Khalifa City A also fell by 0.90% to AED41,000, while rent for studios remained unchanged at AED28,000.
Al Khalidiya and Muroor
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Al Khalidiya is also popular for its affordable units. Prices for one- and two-bedroom properties stood at AED53,000 and AED68,000 respectively, with no increase reported this quarter. The studio price remains unchanged at AED 30,000.
Rents at Muroor, just a few blocks from busy Al Salam Street, also remained unchanged.
Average prices for one- and two-bedroom apartments were stable at AED40,000 and AED53,000 respectively. But studio rents rose 3.74% to Dh29,000.
alrem i.
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Al Reem Island, 600 meters from the capital city center, is the most sought-after area for luxury apartments.
Combining luxury apartments, penthouses and villas, this mixed-use development is one of the fastest growing residential communities in Abu Dhabi.
The average rent for a one-bedroom apartment is now AED 58,000 (down 1.25%), while the average rent for a two-bedroom apartment is AED 86,000 (down 0.98%).
The average rent for a three-bedroom residence remained unchanged at AED 127,000.
Al Laha Beach
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Al Raha Beach Apartments and Villas attract residents who want to live closer to the beach and away from the hustle and bustle of the city centre.
The average price of a one-bedroom apartment was AED 64,000 (down 3.64%), and the average price of a two-bedroom property was AED 97,000 (down 7.16%).
The three-bedroom rent remains at Dh162,000.
Yas Island
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Yas Island, known as the entertainment hub of Abu Dhabi, is Ferrari World, Yas Waterworld and Warner Bros. Theme Park. Many new residential communities have also sprung up, making it a rapidly expanding community.
Rents for two-bedroom units in beachfront communities have fallen by 10.27% and are now averaging AED 89,000.
Prices for one-bedroom units also fell by 5.7% to AED60,000.
Rents for five- and six-bedroom villas also fell by 1.95% and 0.30% respectively.
But market trends show rents for four-bedroom villas rose 4.86 per cent.
In Yas, a four-bedroom house is priced at around AED294,000, while a five- and six-bedroom house is priced at around AED302,000 and AED548,000 respectively.
Updated: 10/18/2022 9:47am
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