More people are moving from Abu Dhabi Island villas to the mainland in search of cheaper rent as new housing supply hits the market, says the property services firm Asteco.
Prices on Abu Dhabi Island were up to 35 per cent higher than some communities on the mainland, according to a report on Wednesday by Astecoon Abu Dhabi's property market in the third quarter. "With increasingly more supply delivered on the mainland, we are starting to see a population shift from the traditional areas of the Abu Dhabi main island towards the mainland that offers better value for money options, especially in terms of villa developments," said Elaine Jones, the chief executive of Asteco Property Management.
Locations such as Al Reefwere becoming popular thanks to improved road access and affordable prices, Asteco said. As more stock will be released over coming months, prices were expected to fall further.
Four-bedroom villas at Al Reef are on the market for Dh140,000 (US$38,115) a year, according to Asteco's report. Nonetheless, some areas on the mainland are bucking price trends from the past three months, Asteco said.
Rents had increased by up to 12 per cent for villas with pools in Golf Gardens, next to the Abu Dhabi Golf Club, due to a lack of availability and strong demand for good quality villas with facilities. Some villas now have waiting lists. Although some landlords are able to command high rental prices, overall prices have weakened slightly, the report said.
Rents in prime buildings fell by seven per cent with lower-quality buildings dropping by 10 per cent in the third quarter. "This suggests the start of a flight to quality that is widely predicted to continue and accelerate as further new, better-quality supply is delivered to the market over the coming months," the report said.
"But in a falling market negotiating strength is leaning towards tenants [and] it is becoming increasingly important for landlords to recognise this." Persistent delays in the delivery of apartments within the Investment Areas on Reem Island and at Al Raha Beach meant transactional sales activity remained weak over the past three months, with prices coming under pressure as a result, the report said.
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club:
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Jebel Ali results
2pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner: AF Al Moreeb, Antonio Fresu (jockey), Ernst Oertel (trainer)
2.30pm: Maiden (TB) Dh 60,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
3pm: Handicap (TB) Dh 64,000 (D) 1,600m
Winner: One Vision, Connor Beasley, Ali Rashid Al Raihe
3.30pm: Conditions (TB) Dh 100,000 (D) 1,600m
Winner: Gabr, Sam Hitchcott, Doug Watson
4pm: Handicap (TB) Dh 96,000 (D) 1,800m
Winner: Just A Penny, Sam Hitchcock, Doug Watson
4.30pm: Maiden (TB) Dh 60,000 (D) 1,600m
Winner: Torno Subito, Sam Hitchcock, Doug Watson
5pm: Handicap (TB) Dh 76,000 (D) 1,950m
Winner: Untold Secret, Jose Santiago, Salem bin Ghadayer
Heather, the Totality
Matthew Weiner,
Canongate
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The years Ramadan fell in May
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing