23
That represented a 3.5% decline from the previous quarter. New apartment blocks along the Corniche, on Saadiyat Island and at Al Raha Beach are expected to cause a further softening in rents this year.
New data shows tenants in Abu Dhabi are enjoying the benefits of increased supply as a flood of new homes are being handed over in Abu Dhabi.
Average residential rents in the capital fell 18% in the first quarter compared with a year earlier, according to CBRE data.
That represented a 3.5% decline from the previous quarter. New apartment blocks along the Corniche, on Saadiyat Island and at Al Raha Beach are expected to cause a further softening in rents this year.
Jones Lang LaSalle estimates as many as 23,900 new residential units could hit the Abu Dhabi market this year, although many are likely to face handover delays, as AMEinfo stated.
About two thirds of the expected supply is apartments, while most of the villas being delivered are within Emirati communities.
