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The rents of some mid-to-high-end units have fallen by 10% to 15%
Apartment rents in Abu Dhabi declined slightly (1%) in the second quarter of 2021, although several properties remained more or less stable due to previously recorded declines.
According to data from real estate consulting companies, although the large decline in the first quarter of 2021 occurred in the low-end market, the second quarter focused on mid-to-high-end properties, with some units experiencing a decline of 10% to 15%.
“Incentives such as multiple checks, rent-free periods and waived/discounted agency fees have led to increased demand for mid-to-high-end buildings, especially in Reem Island and Al Raha Beach,” it said in its quarterly report.
Similar to the first quarter of 2021, the tenant movement in Abu Dhabi is dominated by residents who wish to upgrade or expand, especially in the area of villas and townhouses. It added that this benefited from increased availability in the mid-to-high-end segment.
The rent is pretty good now because the studio charges AED 22,000 per year from tenants in the UAE capital.
According to Asteco’s data, the following are the starting annual rents for studios, one-bedroom, two-bedroom, and three-bedroom apartments in the most affordable areas of Abu Dhabi.
studio:
>> AED 22,000 in Khalifa and MBZ City
>> Dh25,000 in Khalidiya/Bateen
>> AED 30,000 in central Abu Dhabi
>> AED 30,000 at Binhai Road
>> AED 32,000 in Al Reef
One bedroom:
>> AED 32,000 in Khalifa and MBZ City
>> AED 38,000 at Khalidiya/Bateen
>> AED 40,000 in central Abu Dhabi
>> AED 42,000 at Binhai Road
>> Al Reef 45,000 AED
Two bedrooms:
>> Dh42,000 in Khalifa and MBZ City
>> Abu Dhabi Central AED 45,000
>> Dh50,000 in Khalidiya/Bateen
>> AED 55,000 at Binhai Road
>> AED 58,000 at Al Reef
Three-bedroom:
>> AED 55,000 in central Abu Dhabi
>> Dh60,000 in Khalifa and MBZ City
>> Dh65,000 in Khalidiya/Bateen
>> Dh68,000 on Binhai Road
>> AED 75,000 in Al Reef
waheedabbas@khaleejtimes.com
Wahid Abbas
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