Abu Dhabi becoming the place to live

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Residential rents in Abu Dhabi have fallen in general terms meaning that it has now become a more affordable place to live for many people.

The past 18 months have seen an increase in supply that has outstripped the relatively low levels of demand, resulting in a classic economics scenario that has led to a fall in rentals charged across a wide spectrum of the residential market.

Supply levels have also increased over the last six months in the retail and commercial sectors, with plenty of new developments on schedule to be delivered throughout this year.

Since late last year there have been a number of new announcements regarding large scale construction projects helped in no small part by the merger of major developers Aldar and Sorouh.

Along with the announcement that Abu Dhabi’s Executive Council intends to inject AED330 billion into infrastructure projects over the next five year period, the property sector is undergoing an enhanced level of positivity.

Some residential rents have increased however, with certain areas enjoying strong demand that bucks the more general trend and has resulted in pockets of properties where rents have shot up by as much as 25% over the past six months.

Saadiyat Island has seen this kind of rise for two bedroom apartments, which currently attract an average rent of AED145,000 per year. But even in these areas of demand, sales values have not seen anywhere near the same level of growth.

Supply of office space within Abu Dhabi has increased in line with demand for Grade A office premises, with the result that rents have remained stable. Occupancy levels over 70% are reported in major locations such as Aldar HQ and Etihad Towers.

Older areas such as Abu Dhabi Island are the most affected by the low demand and rentals have fallen due to many people looking towards more modern developments.

To invest in Abu Dhabi you would need to transfer money worldwide via the international currency markets. Exchange rates offered by the banks are almost always worse than those from specialist currency firms.

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