The report said.
The report said: Several other economic factors contributed to the decline in average apartment rents by 3% and villas by 2% quarter-on-quarter, in addition to new projects in the Abu Dhabi market.”
Ivana Ivana said. Ivana Gazivoda Vucinic, Director of Consulting, Valuation and Advisory Services at Chestertons MENA, emphasized that some attractive areas in Abu Dhabi, such as Saadiyat, saw a decrease of a few percent, while studio and one-bedroom apartments remained unchanged in the third quarter.
Ivana Gazivoda Vucinic, Director of Consulting, Valuation and Advisory Operations at Chestertons MENA, said that some attractive areas in Abu Dhabi such as Saadiyat have seen their rates decrease by a few percent. “Some tenants are taking advantage of lower average rents to move into larger units with better quality specifications in more popular areas.”
Some tenants are taking advantage of lower average rents to move into larger units with better quality specifications in more popular areas.
Reem Island and Al Raha Beach witnessed the largest decline in the residential apartment rental market by 4% quarter-on-quarter, with average studio apartment rentals reaching AED50k and AED68k per annum respectively.
Reem Island and Al Raha Beach witnessed the largest decline in the residential apartment rental market by 4% quarter-on-quarter.
Average apartment rents in Al Ghadeer, Al Khalidiya, Mohammed bin Zayed City and Corniche Road decreased by 3%. Studio apartments on Corniche Street saw a sharp decline in the third quarter by 9% to average rents of AED 70,000 per annum.
Studio apartments on Corniche Street saw a sharp decline in the third quarter by 9% to average rents of AED 70,000 per annum. Villas on Al Reem Island recorded the largest drop in average rents by 6%, with the average rent for a four-bedroom villa in this area reaching AED 235,000 per year.
Ivana added Ivana Gazivoda Vucinic added: "The dynamic shifts in the real estate market have motivated many landlords to retain tenants rather than face long periods without any rental income, especially as we see some tenants changing their accommodation to save a few thousand dirhams a year on their rental budget."
Ivana Gazivoda Vucinic added: "We have seen some tenants changing their accommodation to save a few thousand dirhams a year on their rental budget. Apartment sales declined across all areas of Abu Dhabi during the third quarter of this year, with Al Ghadeer recording the largest decline of 6% to AED 866 per square foot.
Saadiyat Island Saadiyat Island saw a small decrease of only 1% to average AED 1,400 per square foot, indicating that this area is starting to reach more realistic levels.
In the villa sales market, Al Ghadeer recorded the largest decrease of 6% to AED 866 per square foot.
In the villa sales market, Al Ghadeer saw the largest quarter-on-quarter decline of 5% to AED 766 per square foot.
Al Ghadeer saw the largest quarter-on-quarter decline of 5% to AED 766 per square foot. Khalifa City fared better with a decrease of only 2% to AED 875 per square foot, while villas in Al Reef remained unchanged at AED 690 per square foot.
Villas in Al Ghadeer saw the largest quarter-on-quarter decrease of 5% to AED 766 per square foot.
