7,000 new apartments and 4,560 villas to be released over the next six months
THE residential leasing market in Abu Dhabi, UAE, is set to remain active in the second-half with demand driven by continued internal movement, thanks to an addition of 7,400 apartments and 1,675 villas into the market.
Tenants living in Abu Dhabi took full advantage of increased real estate market supply by upgrading from their existing accommodation as better quality became more affordable through market supply and demand dynamics, according to property expert Asteco.
Major new areas of supply include Marina Square and Raha Beach, with a combined 3,638 new homes and a number of landmark developments such as Rihan Heights also coming on stream.
The community-led developments led the trend as residents swopped old for new, said Asteco in the H1 2012 report.
“A total of 7,400 apartments and 1,675 villas were added to the city’s rapidly expanding real estate sector in the first half of the year, triggering a wave of internal movement as existing residents sought to upgrade to better quality and value for money accommodation,” said Elaine Jones, the CEO of Asteco Property Management.
Asteco expects the leasing market to remain extremely active in the second half of the year with demand being driven by continued internal movement filtering through to all sub-sectors of the residential market and leading to further rental adjustments as an additional 7,000 new apartments and 4,560 villas ready for release in the next six months.