Upscale locations of Abu Dhabi have got their rents dropped
There have been double-digit drops in the rent in high-end places like corniche and Al Raha Beach. If you ever wanted to move to Abu Dhabi or you ever wanted to relocate within Abu Dhabi, then this is the perfect time to do exactly just that. And the rates are not declining slowly. Just the second quarter alone witnessed about 5 percent dip in the rates when compared to the first quarter of 2018. This only goes to show that within the corniche side of Abu Dhabi, a two bedroom apartment could fetch you for between Dh135,000-Dh175,000.
An Asteco report says, “Apartment rentals [have] softened by 2 percent since the first quarter of 2018 and by 10 percent compared to the same period last year. The most pronounced drop was in high quality and larger units predominantly located in the Corniche area.”
According to Gulf News, “A similar dynamic was apparent in the villa space as well, with rentals recording quarterly and annual dips of 4 and 9 percent, respectively. Among the communities, Golf Gardens and Al Raha Gardens registered drops of 14 and 13 percent, respectively. (Since touching its peak in the fourth quarter of 2015, rents in Abu Dhabi have dropped an average 18 percent. The steepest fall-off has been among the pricier locations.) On one count, landlords in Abu Dhabi can feel a sense of relief. Unlike in Dubai, where the pace of handovers are starting to pick up, Abu Dhabi hasn’t seen that kind of fast-tracking on the part of developers.”