FINANCIAL NEWS

Abu Dhabi rents resume falling

06 Jul 2011

(MENAFN) Asteco’s general manager, Paul Maisfield, said that the data released by the property management firm showed that in the second quarter, the average rental price in Abu Dhabi slipped 9 percent from the previous quarter, reported The National.

Maisfield added that in 2010, rates were down anywhere from 25 percent to 40 percent bearing in mind the neighborhood, adding that such drop in rents would provide house hunters with opportunities to bargain.

He also said that this year, rents range between USD 32,665 and USD38,109 for a two-bedroom apartment in central Abu Dhabi, compared with a range of USD43,553 to USD48,997 in 2010.

It is worth noting that in the next year; more than 16,000 residential units are scheduled for completion.

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