Nov 05 2011
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Abu Dhabi offers some cheaper rents
Saturday, Nov 05, 2011
Dubai Cheap housing is also available to residents outside Dubai.
While Dubai’s rents recently fell as much as 11 per cent, Abu Dhabi has seen rates declining on average by six per cent as of the third quarter.
The cheapest one-bedroom flats, costing between Dh30,000 and Dh40,000, can be found in Abu Dhabi’s off-island locations, Khalifa Cities A and B and Mohammad Bin Zayed (MBZ) City in Mussafah, but they are in low-quality buildings.
Overall, however, properties in Dubai prove to be the most affordable. “Rents are cheaper in Dubai than in Abu Dhabi,” says Vineet Kumar, head of business development for Asteco Property Management in Dubai.
According to Asteco’s quarterly Real Estate Monitor, Abu Dhabi’s real estate market has already showed signs of stabilisation.
Rents in Abu Dhabi registered decreases of six per cent on average in the third quarter, smaller than the 8 per cent and 9 per cent declines in the preceding two quarters. Villas in MBZ and Khalifa City continued to slide by five per cent.
More units have been delivered to the market and this can have a downward effect on rent levels. The most significant new supply was the Al Zeina project at Al Raha Beach, with 952 apartments, 26 penthouses, 119 town houses and 124 villas.
By Cleofe Maceda ?Senior reporter
© Gulf News 2011. All rights reserved.
© Copyright Zawya. All Rights Reserved.
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