propertyfinder.ae, the UAE’s
leading property portal, which recently released its Q4 2013 report of UAE’s
most desired neighbourhoods to buy and rent property in, dived into the latest
findings from Market Price Live, its
up-to-the-minute data tool, to track rent hikes across Abu
Dhabi’s popular communities in 2013.
Al Reem
Island, which was a top searched community amongst renters in 2013, experienced
a 10% rise in leasing prices for its studios over the course of last year. However,
the rent rise for two bedroom apartments was much bigger, standing at 58% whilst
three bedroom apartments showed an 8% hike in 2013. Khalifa City, which secured
2nd spot, showed a greater increase of 23%. With construction set to begin on
the massive New Khalifa City project – one of the key aspirations of Plan Abu
Dhabi 2030 – located in a triangle between Khalifa City A, Khalifa City B and
Mohammed Bin Zayed City, the high rental demand in Khalifa City is likely to
continue.
Placing
third in the most searched communities list last quarter, Al Reef’s rents remained
stable throughout 2013, increasing by just 2% last year. Al Raha Beach also
showed a similar trend with rents for studios and two bedroom apartments rising
by 7% and 5%, respectively. Al Khalidiya, an established area that bagged 5th
spot, registered a huge 59% increase in studio leasing rates in 2013.
Interestingly, rents for two bedroom apartments in the community did not rise
as drastically, standing at just 4%.
Commenting
on these trends, Michael Lahyani, CEO and Founder, of propertyfinder.ae said, “There
were several talking points for Abu Dhabi’s real estate market last year. In Q3,
the capital became the world’s first city to house two St. Regis hotels. Further,
with rents increasing in Dubai, the rental differential between Abu Dhabi and
Dubai has reduced, given the higher rents in the capital not so long ago. Also,
with the rental cap now lifted and tenant numbers rising in the capital due to
the ‘live local’ policy, it will be interesting to see how the leasing market
pans out over the course of this year.”
For a copy of propertyfinder.ae’s Q4 report
or further information about this release, please contact Anna Lucas at anna@propertyfinder.ae.
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