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FINANCIAL NEWS
Abu Dhabi posts 4% fall in Q4 rents
14 Feb 2013
(MENAFN) Real estate consultancy CBRE revealed in its latest report that rents in Abu Dhabi fell by an average of 4 percent in the last quarter of 2012 from the previous 3-month period, reported Arabian Business.
The report showed that over the last 4 years, residential stock in the emirate had increased at an annual compound rate of nearly 4 percent to 230,000 units in 2012 from 180,000 in 2007.
It noted that the bulk of the drop in rents was posted in larger properties and 3-bedroom units, where rents declined by 5 percent.
The firm said that rent rates for 2 and 3-bedroom properties averaged between USD34,000 and USD40,829 on annual basis.
Meanwhile, rents of smaller units, including studios and 1-bedrooms, dropped by 3 percent.
It added that prime rents in the UAE capital are between USD435.51 and USD517.17 per sq m now.
It is worth noting that during the coming 3 years, around 1.5 million sqm of new office space could be delivered to the Abu Dhabi market.
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