According to a recent report, rent prices for apartments in the UAE capital decreased by 4% in the second quarter of 2017, which was another straight quarter of rental declines. Villa rent prices went down by an average of 1% in the same period, too.
The company behind the report, Asteco, said that this year is looking challenging for landlords in Abu Dhabi, with more units coming onto the market over the next six months. These additional properties will put pressure on the rental market, encouraging landlords to decrease prices rather than risk having their properties empty.
Indeed, the Asteco report found that mid-market properties suffered most in the second quarter of this year, with mid-range apartment prices falling by 5%.
If you’re in a mid-range apartment and your landlord hasn’t given you a better rental rate, you’re now in a position to negotiate a new contract. However, if negotiations break down, you can at least know that moving to a new property might now be an option worth considering.
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