Average monthly rents for residential property in Abu Dhabi may be falling, but they are still the third most expensive in the world, a new report has shown.
According to CBRE’s Global Living Report, average monthly rents in Abu Dhabi now stand at US$2,558, or Dh112,740 a year, exceeded only by those in Singapore and London.
The report, which analyses housing rents and prices across global cities, found that average monthly rents in Abu Dhabi had fallen 3.4 per cent compared with the previous year when they stood at US$2,649 per month, or Dh116,755 a year.
Dubai came eighth in the global poll, down two places from the previous year with monthly rents of $2,160, or Dh95,202 a year, down 1 per cent from last year when the firm calculated they stood at $2,317 per month.
Singapore was revealed as the most expensive city in which to lease a home, with monthly rents of $2,960, or Dh130,463 a year, while average monthly rents in London stood at $2,810 – Dh123,851 a year.
__________
Photo gallery
■ New property projects at Cityscape Global 2016 in Dubai – in pictures
__________
CBRE also calculated that landlords in Abu Dhabi enjoyed the ninth highest property yield in the world at 7 per cent.
“Wider economic growth continues to be reflected in local property markets and is a useful tool for identifying potential investment zones,” said Jennet Siebrits, head of residential research at CBRE.
The report was published on the first day of the Cityscape property exhibition in Dubai.
According to the most recent Reidin data, housing rents in Abu Dhabi fell 2 per cent in the three months to the end of July as the global fall in oil prices continued to bite.
lbarnard@thenational.ae
Follow The National's Business section on Twitter
