Rents in abu dhabi still falling, but at slightly slower rate

The Abu Dhabi residential property market is still sluggish as apartment rents continue to fall and sales levels remain low, according to the latest real estate data.

Rents in Abu Dhabi fell by 6% in the third quarter of 2011 although the rate of decline slowed compared to previous quarters, the quarterly real estate monitor from Asteco shows. Rental values had fallen by 8% and 9% in the previous two quarters.

Villa rental rates were relatively static for the second consecutive quarter although villas in off island locations such as Mohamed Bin Zayed City and Khalifa City continued to slide by 5% on average.

In terms of sales, the market was still characterised by low sales volumes but the level of sales enquiries increased amid the delivery of completed projects.

Source: PropertyWire.com