Rent prices are continuing to fall in Abu Dhabi and Al Ain, according to the latest report by a leading property services company in the UAE.
The Abu Dhabi Real Estate Report Q2 2018 by Asteco revealed villa and apartment rental rates have declined in the second quarter of this year.
In Abu Dhabi, apartment rates have dropped by two percent, and villa rates by four percent in Q2.
The highest fall was seen for properties in Golf Gardens (14 percent) and Al Raha Gardens (13 percent).
In Q2 alone, around 1,000 residential units were completed, mostly on Al Reem Island, with a further 5,800 expected to be handed over by the end of the year.
Meanwhile, Al Ain villa rental rates have witnessed a seven percent drop since the first quarter, while apartment rates fell an average of two percent this quarter. One area that remains stable is in established community developments. John Stevens, managing director of Asteco, explained that this is the result of Al Ain residents “shifting towards high-quality, self-sustained communities with supporting facilities” as opposed to stand-alone builidngs and villas.
He added: “To attract and retain tenants, landlords continue to offer incentives including up to one month of free rent and flexible payment terms of up to 12 cheques.”
Al Ain is also expecting a handover of more residential units by the end of the year, including in the Town Centre and Asharej areas.
To find out more, visit: asteco.com