FINANCIAL NEWS

Abu Dhabi records 4 percent rental growth in Q1

23 Apr 2015

(MENAFN) The emirate of Abu Dhabi reported a rental growth of 4 percent in the first quarter of the year, after an 11 percent growth recorded for the sector last year, Arabian Business reported.

Despite the continual annual growth, in 2013 the sector was at a higher 17 percent rate, according to Abu Dhabi Real Estate Overview report, which expects further growth for the sector this year.

The forecast, which comes as a result of the present lack of grade-A housing services, sees that a number of 5,000 residential units are set to be entered by the end of the year.

“We expect there to be a reduction in government spending this year due to the recent decline in oil prices – which will slow down the annual demand growth rate.” The head of the Abu Dhabi office at JLL MENA said.

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