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Tenants relocate as flat rents fall

Staff report  www.gulfnews.com

Dubai: Abu Dhabi tenants are relocating in search of quality and value as apartment leases fall 7 per cent and villas 5 per cent, says Asteco’s fourth quarter 2010 report.

Rental costs in Abu Dhabi have continued to decline with mixed fortunes for landlords depending on location, quality and price, according to a new report published yesterday by leading property management company Asteco.

Due to the increasing amount of supply, apartment rents fell steadily in the last three months of 2010, dropping by an average 7 per cent whereas on-island properties fell only 6 per cent.

A number of factors such as price-driven demand, reduced company housing allowances and landlords being flexible with rates, contributed to the decline.

A two-bedroom apartment in Al Raha Beach now rents for Dh120,000 to Dh190,000 annually.

Looking to 2011, Elaine Jones, CEO of Asteco Property Management, said, “Many new opportunities will arise in 2011.

“Buyers and tenants will have a wide range of choices shortly, as the first phases at Reem Island come on to the market, together with new supply at Al Raha Beach,” he added.

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