Abu Dhabi rents are falling

Good news for renters in the capital

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The cost of renting a house Abu Dhabi in getting considerably cheaper.

New research has shown rental prices in the capital fell 10.7 per cent year-on-year in February.

Apartment rentals in the city dropped 11 per cent while villa rentals fell 9.4 per cent.

That’s according to property date provider Reidin's residential price indexes for Abu Dhabi and Dubai.

It means renters should be in a strong position to find affordable accommodation or renegotiate with their landlord.

Residential sale prices in the capital have also fallen, by 7.9 per cent year-on-year in February and 1 per cent month-on-month.

RELATED ARTICLE: Abu Dhabi's new property hotspot revealed

The capital has also seen apartment sales prices drop by 9.1 per cent year-on-year in February, while villa sales prices dropped by 4.1 per cent.

It’s attributed in part due to a wave of new housing projects in the city increasing competition in the market.

But the partnership between property developers Aldar Properties and Emaar Properties will boost the market, experts say.

Reidin’s operations and research director Ozan Demir said: “Overall market conditions in the UAE have remained stable when we compare total sales transaction volumes in February 2018 with same term last year.

“Recently, the UAE’s two major developers Emaar and Aldar announced a partnership to launch Dh30 billion worth of iconic and lifestyle projects locally and internationally.

“This attests the UAE Government’s ambitions in strengthening real estate regulations and adding economic value to the country.”

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