Abu Dhabi rents soar by 49%

by Andy Sambidge Tuesday, 29 July 2008

Rental prices of quality apartments in Abu Dhabi have gone up by 49 per cent over the past year as the demand outstrips supply, according to a new report.

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The most staggering increase comes in the two-bedroom unit category with 66 per cent increase in rents over the last year, says the report compiled by Asteco, a property management company.
The Asteco report for the second quarter of 2008, reported by Khaleej Times on Tuesday, estimates that 60 per cent of the new accommodation built in the city would be two-bedroom apartments meant for couples and families.

Areas such as Muroor, Tourist Club Area (TCA) and Salam Street are witnessing the most activity. Khalidiyah, which showed the lowest growth due to low tenant movement, is still the most-sought-after location.

Villas in Khalidiyah, Bateen and Manaser command some of the highest rents in Abu Dhabi starting at 150,000 dirhams for a three-bedroom property.



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