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FINANCIAL NEWS
Abu Dhabi decides to increase rental demand
19 Aug 2013
(MENAFN) Abu Dhabi government staff is forced to live in its apartments; a decision was taken by the government that aims to increase housing benefits and rental demand, according to Arabian Business.
Average rents decreased 4 percent in the second three months of the current year and 10 percent compared to the last year.
The decision focuses on people who work in oil-rich Abu Dhabi but live in Dubai where rents are lower and more relaxing.
“The completion of a significant number of new residential units from master planned locations is also encouraging widespread relocation within the capital, as tenants look to capitalize on prevailing affordability as they search for new and better quality housing options,” head of research & consultancy UAE, CBRE Middle East, Mat Green, said.
“However, despite a noticeable rise in leasing activity during the first half of the year and record sales transactions, average rents continued to fall,” he added.
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