Where Abu Dhabi villa rents have risen and fallen, Q2 2017
Find out how rental prices for Abu Dhabi villas have changed during the second quarter of 2017 and the average annual rates you will pay, according to data provided by Asteco.
Villa rents in the capital experienced just a nominal fall on average during the second quarter, according to property firm Asteco.
It said villa rents fell just 1 per cent on average and 5 per cent over the year. Drops were more noticeable among the mid-to-low quality products located in Abu Dhabi City and Al Reef.
Sales prices for completed villas decreased by 2 per cent in the second quarter and by 4 per cent during the past 12 months.
“Several prime and high-end projects such as Jawaher Al Saadiyat on Saadiyat Island and Marina Sunset Bay (behind Marina Mall), were launched and recorded good levels of demand due to the overall lack of quality villa developments in Abu Dhabi,” said John Stevens, managing director, Asteco.
“In addition, new projects on Yas Island and Saadiyat Island continue to achieve strong demand, supported by existing and planned demand drivers such as schools, leisure facilities and commercial hubs” he added.
Rents have been falling during the past year amid economic uncertainty, job losses and reduction in housing allowances from some firms.
Back in December a rent cap of 5 per cent was reintroduced three years after being scrapped.
Updated: July 20, 2017 11:45 AM