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Tuesday, 24 November 2009 23:20 UAE time

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One cheque rent demands set to relax in Abu Dhabi

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 06 October 2009
TO RENT: Abu Dhabi rents set to remain stable in 2010, UK broker firm says. (Getty Images)
TO RENT: Abu Dhabi rents set to remain stable in 2010, UK broker firm says. (Getty Images)

Rents will be flat in Abu Dhabi next year with the one cheque payment system changing as landlords look to tap pent-up demand, UK property broker Chesterton said on Tuesday.

“What will come in is more flexibility in terms of cheques, said Brendan Coakley, managing director of Chesterton, which opened an office in Abu Dhabi earlier in the year.

“At the moment in Abu Dhabi it is still one or maybe two cheques. There is that much demand. I think that may relax a little,” he added.


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He said rents would be stable in 2010, having dropped 20 percent from their peak last summer. Prices have fallen anywhere between 10 percent and 45 percent in Abu Dhabi depending on location, he said, due to the real estate slump.

Chesterton is expanding into Libya and Saudi Arabia. It employs 12 staff in its Abu Dhabi office.

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