Abu Dhabi house rents to drop further
House rents in the city fell by up to 15 percent during the fourth quarter of 2009, according to landmark Advisory.
February 9, 2010 12:01 by kippreport
Residential rents in Abu Dhabi decreased by up to 15 percent during the fourth quarter of 2009, according to the latest report issued by Landmark Advisory. The low-quality units saw the biggest falls, Jesse Downs, director of Research and Advisory Services at Landmark Advisory said in a release.
The report predicts that rents in the city are likely to continue declining throughout the first quarter of 2010 because of rising supply and increasing flexibility among landlords. “Since Q209, the supply and demand dynamics of Abu Dhabi’s rental market have been changing,” Downs said. “We expect continued relocation from Abu Dhabi to Dubai, which will put further downward pressure on Abu Dhabi rents,” she added.