Housing rent increases in Abu Dhabi are set to slow this year as the emirate feels the effects of declining oil prices and a slowing global economy.
A report by the property broker CBRE predicts that rents which had rocketed by an average of 17 per cent last year will slow “significantly” as thousands of new homes come to the market just as the global economy hampers corporate expansions.
According to CBRE, two-bedroom apartments in the St Regis development on Saadiyat Island currently bring in rents of between Dh150,000 and 210,000 a year, while similar units in Al Raha Beach have rents starting from Dh140,000 a year.
Annual rents for a typical four-bedroom villa on Abu Dhabi Island start from Dh190,000 a year with rates going as high as Dh350,000 a year in prime locations. More info