Apartment rents in Dubai 20 percent lower than Abu Dhabi
Apartment rents in Abu Dhabi decreased…
January 11, 2010 4:23 by kippreport
Apartment rents in Abu Dhabi decreased marginally in the last three months of 2009, but are still up to 20 percent higher than the rents in Dubai, according to a report released by property services firm, Asteco.
“Given the slight increase in vacancy levels and the additional supply of residential property in Abu Dhabi, the rental market has shown signs of softening, striking more of a balance between the negotiating power of tenants and landlords,” Elaine Jones, CEO of Asteco said in a release.
However, the report says that a number of people working in Abu Dhabi are continuing to live in Dubai or are moving out there. “This trend is not expected to change in the short term without the perceived value for money versus location issue being addressed,” Jones said.