Downturn for property rents in abu dhabi as market is flooded with new supply

Residential property rental rates in Abu Dhabi fell by 5% in the first quarter of 2012 as a wave of new supply began to hit the market, according to the latest real estate report from Asteco.

The average annual rent for a two bedroom apartment on the corniche ranged between AED120,000 and AED160,000 in the first three months of the year, down 6% from the previous quarter.

Rents for two bedroom apartments on Al Raha Beach saw an even bigger decline, falling some 14% from the previous quarter to between AED105,000 and AED150,000.

Source: PropertyWire.com