Rents to remain stable in Abu Dhabi next year
02:46AM Tue 30 Dec, 2014
Abu Dhabi: It’s good news for tenants in the capital as rents are likely to remain unchanged in 2015, realty experts told XPRESS.
“In 2015, rents are likely to remain stable as demand for rental properties is well matched with existing supply of property units in the capital,” Andrea Menown, leasing manager LLJ Property told XPRESS.
“Following the rent cap removal in Abu Dhabi last year, landlords hiked rents, forcing some tenants to move out. The second half of the year, however, has seen rents remaining at a more sustainable level as tenants are increasingly negotiating prices with their landlords,” said Menown.
Mario Volpi, managing director of Ocean View Real Estate said: “Pockets of Abu Dhabi have recorded steep rent hikes especially in Al Reef apartments and villas, Saadiyat beach apartments and Shams Reem Island. Rents for mid-range apartments in Abu Dhabi increased six per cent in the last three months,” he said.
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