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Falling Rents Not Attracting Investors to Abu Dhabi

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UAE  Abu Dhabi  Paul Maisfield  UAE Property Market 

Falling Rents Not Attracting Investors to Abu Dhabi

By - Tuesday 19 April 2011

As yet, there has not been a significant increase in the number of investors looking to increase their property portfolios in the UAE. Abu Dhabi's real-estate sector will take centre stage this week at an annual industry summit in the emirate.

It comes more than two years after a global recession triggered a slump in property prices in the UAE that still have not fully recovered. About 20,000 new homes will be delivered in Abu Dhabi during 2011, causing a further decline in rents as supply is slowly released onto the market.

Over the first three months of the year, rents across the emirate dropped by an average of eight per cent for apartments and villas and five per cent for office space compared with the previous quarter, according to Asteco Property Management.

"We have not witnessed a noticeable increase in investor interest over the last quarter although we do anticipate an improvement over the course of the year once units are handed over," said Paul Maisfield, general manager of the firm.

The property management firm noted that, in Abu Dhabi, investor caution is being driven by uncertainty over the pace of project handovers, the quality of developments and the direction of prices.

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