Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Abu Dhabi investment zones home prices jump 20% in Q1  Join our daily free Newsletter

MENAFN - Khaleej Times - 24/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) 2100 residential units were delivered to the market: adib report

homes prices in abu dhabi’s investment zones rose up to 20 per cent in the first quarter of 2014 says abu dhabi islamic bank (adib).

the increase in property values was driven by a strong improvement in investor sentiment and partly due to a rising trend in dubai’s real estate sector.

the adib which has a portfolio of 12000 properties in abu dhabi has issued its first report on the real estate. the report covers abu dhabi’s residential office retail and hospitality sectors and features a new adib rental index which highlights the performance of its managed portfolio.

the index is based on data derived from lease renewals and new leases completed during the last three months and will be updated on a quarterly basis. the index covers abu dhabi island which has been subdivided into eight zones and the off-island areas of khalifa city mohammed bin zayed city and shakbout city.

the adib rental index shows rents across its portfolio rose in overall terms by 3.7 per cent during the first quarter of 2014. zones b and d witnessed the highest overall increases of 6.33 per cent and 6.18 per cent respectively whilst zone j had the lowest increase of 1.64 per cent.

paul maisfield chief executive officer of mpm properties the real estate services subsidiary of adib said: “the adib rental index is the first real estate index for abu dhabi that reflects real transaction values rather than quoted values and is therefore a very important contribution to market transparency.”

“the index shows that in overall terms rental rates increased 3.7 per cent during the first quarter but in some cases rents increased by over 20 per cent and even as much as 70 per cent. the highest rises were predominantly at the bottom end of the market — typically with rents below dh40000 per annum.

“the full impact of this change will only become clear over the course of the next few months. our experience to date given the availability in the market and the new supply being delivered landlords are generally taking a sensible approach and seeking a fair market rent in order to sustain good occupancy levels” paul said.

adib’s report said that just over 2100 new residential units were delivered to the market during the first quarter of 2014 with a further 6800 scheduled for completion before the end of the year.

sales prices at aldar properties’ developments al muneera and al zeina at al raha beach witnessed the largest increases of 16-20 per cent followed by the gate towers on reem island and al reef downtown which have both seen the value rise to 13-14 per cent during the first quarter of 2014.

rental rates in investment zones developments have also risen during the same period but at a lower rate typically less than eight per cent across raha beach and reem island meaning that net yields have compressed to below six per cent on average.

unlike raha beach and reem island rental rates at al reef downtown have increased at a marginally higher rate than sale prices meaning that net yields have increased slightly in the current quarter and now stand at just under seven per cent.

maisfield said: “a key ingredient for 2014 will be the introduction of real estate rules and regulations and free zones attracting various businesses into abu dhabi through abu dhabi global markets masdar twofour54 kizad and skypark.”

— haseeb?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Dec 21 2014 - Saudi- 3-day week cuts travel risks for female teachersArab News
(MENAFN - Arab News) Education Minister Prince Khaled Al-Faisal has endorsed a special program for female teachers who work far away from their homes and must travel long distances to teach. Prince ...

 Dec 21 2014 - Saudi- 4 terrorists killed in Awamiyah shootoutArab News
(MENAFN - Arab News) Saudi security forces killed four terrorists in a clash in the Awamiyah region on Saturday according to the Interior Ministry.The troops raided a terrorist hide-out in Awamiyah ...

 Dec 21 2014 - Domestic credit growth of Qatari banks may average 17% up to 2017Gulf Times
(MENAFN - Gulf Times) Qatari banks' domestic credit growth may average 17% up to 2017, propelled by the main beneficiaries of the government's ongoing investment drive, shows a new report.The ...

 Dec 21 2014 - Qatar welcomes Saudi King initiative on EgyptKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The State of Qatar on Saturday welcomed the initiative of the Saudi King Abdullah bin Abdulaziz for improving the Qatari-Egyptian relations.Qatar responds ...

 Dec 21 2014 - Bahrain, Jordan monarchs discuss ties, regional issuesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Bahrain's King Hamad bin Isa Al-Khalifa discussed with visiting King Abdullah II of Jordan ways of boosting relations between the two countries, as well as the ...

 Dec 21 2014 - Kuwait- His Highness the Amir congratulates Saudi King on successful initiativeKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah on Saturday sent a cable to Saudi King Abdullah bin Abdulaziz Al Saud to congratulate him on the ...

 Dec 21 2014 - Egyptian Pres. receives Qatari, Saudi envoysKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Egyptian President Abdulfattah Al-Sisi discussed here on Saturday with Chairman of the Saudi Royal Court and the King's envoy Khaled bin Abdulaziz Al-Tweijri and ...

 Dec 21 2014 - Saudi Arabia welcomes thaw in Egyptian-Qatari tiesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Saudi Royal Court issued a statement Saturday evening welcoming the improvement of the Egyptian-Qatari ties as a result of the initiative of Saudi King ...

 Dec 21 2014 - Italian PM does not rule out military intervention in LibyaKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Italian Prime Minister Matteo Renzi said Saturday that he does not rule out the possibility of military intervention in Libya under an international framework in ...

 Dec 21 2014 - Italy, Egypt agree to boost military cooperationKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Italy and Egypt signed Saturday a joint statement on boosting the military cooperation in preparation for a bilateral agreement in the defense field.The joint ...

more...


 






Google

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help