Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Abu Dhabi housing becomes expensive  Join our daily free Newsletter

MENAFN - Khaleej Times - 10/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) With the removal of annual rent cap of five per cent in abu dhabi residential rentals have surged ten per cent on average in the first three months of the year

“housing units in off-island locations experienced higher rent growth at 14 per cent during the period” according to the latest abu dhabi marketview by cbre the leading international real estate consultancy.


However in some individual cases the residents in the capital told khaleej times that the increases are even higher than what property companies are reporting in their reports.


One resident who asked not be identified said that the landlords of old buildings which had reasonable rental levels earlier comparing with the new ones are renewing lease agreements according to the prevalent market rates.


An expat who resides on abu dhabi’s airport road told this correspondent that he has just renewed his annual lease for a two-bed apartment for dh65000 against dh49500 he paid last year the dh15000 increase is 30 per cent which is quite high and beyond his paying capacity.


He said that when he approached abu dhabi properties company which manages the apartment building on behalf of a private landlord he was told that the airport road has even a higher ‘’street value’’ of dh70000-75000 for a similar category apartment.


Mat green head of research & consultancy uae cbre said “with affordability fast becoming a concern for many residents there has been a steady rise in demand for more affordable housing options with off-island locations such as khalifa city a and mohammed bin zayed city becoming popular choices for the more budget focused tenants.”


He said residential units within master-planned developments in mainland locations including al reef downtown al ghadeer and hydra village are now commanding rentals that are significantly higher than similar non-community based properties.


According to the cbre report two bedroom apartments within the al reef downtown development currently range between dh80000 –105000 whilst similar property types within the aforementioned mainland locations have rentals from dh65000-85000.


Annual rents for a typical two bedroom city centre apartment are now observed between dh95000–130000 whilst similar residential units within prime developments have rentals between dh150000 –210000 according to cbre report.


With most of abu dhabi’s prime residences having been completed within the past three years rentals have actually remained relatively stable even after the removal of the rent cap green said.


Residential sales rates have seen little movement during the quarter typically ranging between dh10225–15070 for areas such as al raha beach and reem island.


— haseeb?khaleejtimes.com

 






  MENA News Headlines
 Jul 30 2014 - Safe haven status boosts investment scope in UAEspanKhaleej Times
(MENAFN - Khaleej Times) E political situation in the region has made Dubai into a magnet for families from across the region to set up home and establish regional or global offices for their ...

 Jul 30 2014 - Tech Mahindra eyes expansion in Saudi ArabiaspanKhaleej Times
(MENAFN - Khaleej Times) Ch Mahindra a specialist provider of connected solutions has announced that it has signed a joint venture agreement with Midad Holding which is a subsidiary of Al Fozan a ...

 Jul 30 2014 - Middle East earns 1 of global market research revenuesspanKhaleej Times
(MENAFN - Khaleej Times) E entire Middle East region earned only a meager one per cent of the global market research revenues which indicates the potential for market research that is prevalent in ...

 Jul 30 2014 - Dewa to show smart initiatives at Gitex 2014spanKhaleej Times
(MENAFN - Khaleej Times) Bai Electricity and Water Authority or Dewa has announced its participation in Gitex 2014 to be held from October 12-16 at the Dubai World Trade Centre.Dewa will showcase its ...

 Jul 30 2014 - Sico first-half net profit jumps 166spanKhaleej Times
(MENAFN - Khaleej Times) Curities & Investment Company or SICO licensed by the Central Bank of Bahrain as a conventional wholesale bank announced its financial results for the second quarter of 2014 ...

 Jul 30 2014 - Taqa Arabia eyes Egypt expansionspanKhaleej Times
(MENAFN - Khaleej Times) Laa Holdings announced that its energy sector subsidiary Taqa Arabia aims to expand its network of fuel stations in Egypt through Taqa oil marketing company.The company ...

 Jul 30 2014 - Real estate to pick up from next week: Industry expertspanKhaleej Times
(MENAFN - Khaleej Times) Bai Land Department transactions exceeded Dh113b for H1 The real estate market in Dubai is expected to pick-up again from next week after a slowdown during the last couple of ...

 Jul 30 2014 - Memon to hand over five projects in 2014spanKhaleej Times
(MENAFN - Khaleej Times) Mpany working on Dh1.Memon Investments has planned to hand over five projects worth more than Dh600 million in the next five months and is also planning to launch five new ...

 Jul 30 2014 - ADFD funding in underdeveloped countries hit Dh61bspanKhaleej Times
(MENAFN - Khaleej Times) E development finance institution articulates the UAEs continued commitment to support the development process of emerging countries.An exterior view of power plant in ...

 Jul 30 2014 - UK and US preferred by Arab travellers: MarriottspanKhaleej Times
(MENAFN - Khaleej Times) E US takes the lead when it comes to bookings with 20 per cent of all reservations closely followed by the UK which accounts for 16 per cent.Marriott International has ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help