Abu Dhabi tenants, rejoice!
Rental prices in the capital have significantly decreased the past year, and according to experts, they will continue to do so. The reason behind this decline has to do with an increase in supply and decrease in demand for housing on the market.
Jalal Mamdouh, leasing coordinator at Prime Capital, said rental prices in Abu Dhabi are expected to decrease throughout 2017 reports Khaleej Times, due to companies cutting costs and reducing staff. "Many expats have left, which means the rental prices also decline."
The city has seen an average of 15-20 percent drop in property prices, and new projects and buildings waiting to be handed over could push it down further.
According to Mamdouh, rent drops in different areas of the capital are as follows:
- Reem Island has seen a significant drop in rents, with a one bedroom in Reem Island now starts at an average of Dhs70,000, whereas in 2014-2015 a one bedroom had an average of Dhs85,000
- In Khalidya, a one bedroom is now estimated for Dhs85,000 , whereas before they used to be around Dhs100,000
- Tourist Club Area and Khalifa City have also seen a decline in rents
Do you plan on moving now that rents are more afordable in Abu Dhabi?