Average Abu Dhabi rents drop 6.3% - report

Studio apartment rents fall from AED51,184 to AED48,483 in H1 compared to year-earlier period
Average Abu Dhabi rents drop 6.3% - report
(Bloomberg)
By Staff writer
Sat 15 Jul 2017 12:20 AM

Average rents in Abu Dhabi have dropped by 6.3 percent in the past year while average sale prices have also dropped, according to a new report.

Real estate portal Bayut.com said Abu Dhabi's market has experienced a similar trend to that of Dubai as both rent and property price averages have experienced a decline.

Studio apartment average rents dipped 4.3 percent compared to the end of H1 last year, from AED51,184 to AED48,483, the report showed.

It added that rents for Abu Dhabi villas also adjusted downward, with a 4-bedroom villa becoming 7.7 percent cheaper on average.

Bayut.com  said decreases were marked on average rents in Al Muroor (10.7 percent) and  Mohammed Bin Zayed City (16.2 percent) and other popular areas.

However, rents in Khalifa City bucked the downward trend and increased by 3.4 percent during the first half of 2017.

Bayut.com also said that the average property prices in Abu Dhabi have decreased with declines limited to lower single digit percentages.

However, studio apartments in Abu Dhabi increased by 2.2 percent, it added.

Despite a drop in prices, the average return on investment (ROI) in Abu Dhabi remained strong at 5 percent on average).

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