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How did the general market perform in Abu Dhabi in the second quarter?
Abu Dhabi rental market holds steady in Q2, with little change in rent paid first three monthsthe broker said.
property Consultancy Asteco said new lease prices in prime developments were above market rates, while some landlords were still offering rent reductions and incentives to ensure quick purchases of units.
It said demand for villas in popular areas such as saadiyat i. and Yas Island Remaining strong, despite overall stagnant rents throughout the quarter, rising 5% annually. The biggest gainer over the past 12 months was in West Yas, where rents rose 9 per cent over the period.
Meanwhile, JLL recorded average rent growth across the capital by 3 per cent a year over the period and described demand for new villa and townhouse developments as “strong”.
According to trends observed by property portals Bayut and dubizzle, the most popular areas include Mohamed bin Zayed City, Khalifa City A, Al Reef, Shakhbout City (Khalifa City B) and Al Shamkha South.
The portal said average annual rent increases in these areas were as high as 7 per cent in the first six months of the year.
Al Mushrif is the most popular luxury area, while Khalifa City A has the most searches Inexpensive apartments in the city.
This UAE real estate market The index has grown sharply over the past year as the broader economy recovers from the coronavirus-induced slowdown.
The country’s economy remains on a strong growth trajectory. Up 8.2% in the first three months of the year, based on higher oil prices and measures to mitigate the impact of the Covid-19 pandemic Central Bank of the United Arab Emirates.
What is the availability of new units?
According to Asteco, about 1,300 apartments were delivered from April to June.
These are spread across different parts of Abu Dhabi, with a focus on Al Raha Beach and Rem Island.
“While there has been a significant increase in new project launches in the first half of 2022, several other projects have entered the planning stage and are expected to start construction in the next six to 12 months,” the property consultancy said in its second report wrote. – Quarterly reports.
“Most of these developments are located in Al Laha Beach, Yas Island and Rem Island. “
Asteco expects to complete 3,400 units this year, while JLL said it expects 5,000 units.
New projects announced this year include the Louvre Abu Dhabi Residential and Grove District on Saadiyat Island, Mount Rem on the Isle of Rem and bloom lifeclose to Abu Dhabi International Airport.
How did Abu Dhabi’s sales prices perform in the second quarter?
Asteco said villa sales prices were essentially the same as in the first quarter, but were up 10% year-on-year.
Apartment prices were also flat in the three-month period, but up 4% year-on-year.
“Completed villas continue to be well-received, with a focus on popular quality villa developments,” it said.
“As a result, some of these communities saw double-digit growth compared to the same period last year. Still, the lack of units available for sale on the secondary market has resulted in particularly high asking prices in several prime locations. [communities]. “
Sales prices for condos and villas rose an average of 5% year over year, JLL reported.
Updated: July 29, 2022 9:52am
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