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Abu Dhabi rents decline further in Q3, says report
Rents in the UAE capital declined between 5 and 10 percent during the third quarter of 2009…
November 4, 2009 12:37 by kippreport
Rents in the UAE capital declined between 5 and 10 percent during the third quarter of 2009, CB Richard Ellis (CBRE) said in a report published on Wednesday. Rental rates in the center of Abu Dhabi fell approximately 5 percent during the period, and rates of units located off the island fell between 8 to 15 percent. However, rental rates in some areas, such as the central business district, did not decline.
“Our research has identified a downward movement in sale prices during Q3, with sales transaction activity at extremely low levels,” Matthew Green and Arlene Jimenea wrote in the report.
The report also showed that the rate of decline has slowed between in the third quarter compared to the previous quarter. According to CBRE’s report, rental rates fell between 5 and 10 percent during the second period of 2009.
CBRE expect Abu Dhabi’s rents to stabilize in 2010.