ArabianBusiness.com - Middle East Business News
Saturday, 20 March 2010 10:41 UAE time

YOUR DIRECTORY /

Print Print | Email Email | Discuss this article (0 Comments)
| Share |

Northern Emirates rents decline slows - Asteco

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 21 October 2009
AJMAN RENTS: Rents in Ajman has registered the largest decline in the past year. (ITP Images)

Apartment rental rates in the Northern Emirates continued to fall in the third quarter of 2009 but at a slower rate than previously, according to a report by Asteco.

The average decline in rents slowed to four percent, compared with 12 percent in the second quarter and 21 percent in quarter one of 2009, said the Asteco Northern Emirates Q3 2009 report published on Tuesday.

The study also showed that Fujairah recorded the smallest decline of two percent to an average of AED29,625 per year, making it the second most affordable place for apartments in the Northern Emirates.


Story continues below
advertisement

Umm Al Quwain continued to be the most affordable emirate with average rental rates at AED26,625 per year, the report added.

Ajman recorded the largest decline in rents from AED35,463 to AED33,500 per year while Sharjah is still the most expensive emirate in which to live of the Northern Emirates.

In the second quarter Umm Al Quwain, Fujairah and Ras Al Khaimah reported decreases of 9, 8 and 11 percent while in the third quarter, declines were more conservative at 4, 2 and 4 percent respectively.

"Since the fourth quarter last year, when the economic downturn became apparent in the Middle East, average rental rates across the Northern Emirates fell by nearly 34 percent from AED48,450," the report said.

It added: "It should be noted that such a substantial decrease is reflective of the sharp increases which were experienced prior to the financial crisis. For example, apartment rental rates in the Northern Emirates had increased by 22 percent during the first three quarters of 2008."

Print Print | Email Email | Discuss this article
| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

SHARE PRICE CHECK

 EMAIL ALERTS

  1. Asteco Property Management

  2. Real Estate


Tell us your story

Best of 2009 - Special Report

Think Tank

READER COMMENTS

  1. Dubai developers start to repossess units amid defaults 06
    19 Mar ' 10 at 21:34
    Guys,I really can't understand why so many investors are complaining and asking for their money back, the process of law & procedures...   More  »
  2. Atlantis frees Sammy the whale shark 04
    20 Mar ' 10 at 08:07
    World is getting crazier & crazier everyday. I think it would have been better if this shark stayed at the aquarium cause at least...   More  »
  3. UK expats to face passport costs hike 02
    19 Mar ' 10 at 18:21
    wonderful piece of double speak and rubbish from the F.O. regarding rationale for the change in issuance policy. If we didn't suck...   More  »

Read all user comments >

MORE FROM ARABIANBUSINESS.COM