Abu Dhabi’s top communities - How rents rose in 2013
Al Reem Island, which was a top searched community amongst renters in 2013, experienced a 10% rise in leasing prices for its studios over the course of last year. However, the rent rise for two bedroom apartments was much bigger, standing at 58% whilst three bedroom apartments showed an 8% hike in 2013. Khalifa City, which secured 2nd spot, showed a greater increase of 23%. With construction set to begin on the massive New Khalifa City project – one of the key aspirations of Plan Abu Dhabi 2030 – located in a triangle between Khalifa City A, Khalifa City B and Mohammed Bin Zayed City, the high rental demand in Khalifa City is likely to continue.
Placing third in the most searched communities list last quarter, Al Reef’s rents remained stable throughout 2013, increasing by just 2% last year. Al Raha Beach also showed a similar trend with rents for studios and two bedroom apartments rising by 7% and 5%, respectively. Al Khalidiya, an established area that bagged 5th spot, registered a huge 59% increase in studio leasing rates in 2013. Interestingly, rents for two bedroom apartments in the community did not rise as drastically, standing at just 4%.
Commenting on these trends, Michael Lahyani, CEO and Founder, of propertyfinder.ae said, “There were several talking points for Abu Dhabi’s real estate market last year. In Q3, the capital became the world’s first city to house two St. Regis hotels. Further, with rents increasing in Dubai, the rental differential between Abu Dhabi and Dubai has reduced, given the higher rents in the capital not so long ago. Also, with the rental cap now lifted and tenant numbers rising in the capital due to the ‘live local’ policy, it will be interesting to see how the leasing market pans out over the course of this year.”
For a copy of propertyfinder.ae’s Q4 report or further information about this release, please contact Anna Lucas at anna@propertyfinder.ae.
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