Where you can rent apartment from Dh40,000 in UAE capital?
Residential rents in Abu Dhabi rose five per cent in the third quarter of 2015 compared to the same period last year, with tenants moving to outskirts of the city, according to a new report.
Nationwide Middle East Properties, a real estate agency, said renters were heading towards Mohammed Bin Zayed City, Khalifa City and other locations such as Al Reem Island and Al Reef Project.
“When it comes to rental destinations, Al Reem Island tops the list, followed by Al Ghadeer, Al Raha Beach, Al Reef, Hydra Village, Baniyas, Khalifa City and Saadiyat, company CEO Ameen Al Qudsi said in the report.
During the third quarter, annual rental price for a studio at Al Reem Island ranged between Dh70,000 and Dh75,000, one bedroom between Dh85,000 and Dh105,000 and two-bedroom ranged between Dh125,000 and Dh160,000.
In Al Reef, studio units were available from Dh60,000 to Dh65,000 per annum (pa), one beds from Dh80,000 to Dh85,000 pa and two beds ranged between Dh95,000 and Dh100,000 pa.
Average annual rental for one-bedroom apartments at Al Raha Beach was at Dh95,000 while two-beds were leased for Dh145,000.
Overall, rents in Al Ghadeer were the cheapest.
Lease rates for a studio ranged between Dh40,000 and Dh45,000 pa, one-bed between Dh50,000 and Dh55,000 pa and two bed ranged between Dh70,000 and Dh85,000 pa.
In Al Saadiyat Island, average yearly rentals for studio units were Dh95,000, one-bed between Dh110,000 and Dh115,000 and two bedrooms between Dh160,000 and Dh180,000 pa.
Last week, CBRE, a real estate consultancy, had said apartments in tertiary locations offered economical housing options despite affordable housing remaining a major concern for residents.
“Rental prices for inferior housing units and those situated outside in tertiary locations ranged from Dh30,000-Dh50,000 per unit per annum for studios and one bedrooms, respectively. The price differentiation is attributed to a combination of factors including quality, location, facilities and the proximity and accessibility of residential schemes to key commercial and social centres,” it said in its third quarter report on Abu Dhabi Market View.