If you’re renting property in Abu Dhabi, we have some good news – you should be able to save some money this year.
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According to the most recent report from Core Savills, rental rates in the UAE capital are expected to decline by around 8% this year.
The report said that, if you’re in villa, rental rates are going down by a massive 17%, while apartment communities are recording a decline of around 7% year-on-year.
Core Savills also said that the completion of new housing projects in Abu Dhabi will push rents further down. In particular, the consultancy pointed towards the upcoming supply scheduled to be completed on the Reem and Yas islands as evidence that rents will continue to fall.
“This new supply on Reem and Yas Island is forecast to add further downward pressure to rents,” the report said.
“Although Saadiyat Island is also expected to see a significant increase in residential supply, rental rates in the area are likely to be somewhat resilient due to its growing appeal as a prestigious and cultural hub.”
But if you’re hoping to hold out for even lower prices, you should know that the rate of decline is actually slowing.
The report shows that the upward momentum of oil prices and government spending is improving sentiment across the emirate’s real estate sector – which is causing the rate to decline at a slower pace than it has been previously.