Rental market will remain under pressure in the nearest months, analysts predict.
Uncertainty in the job market is making UAE residents look for affordable apartments for rent. The latest data show that rents in Abu Dhabi fell basically in all the areas of city, ranging from 4% to 15% in Q3 2020. One-bedroom apartment rent starts from $9,000 and goes up to $23,000 per year, depending on whether it is an affordable apartment or a high-end one.
According to industry analysts and executives, rentals are not likely to level out in the nearest future, the reason for that being huge oversupply.
Using the latest Q3 2020 data, Asteco real estate company made a list of areas where you can find the cheapest and the most expensive one-bedroom apartments for rent in Abu Dhabi. The areas are divided into three categories: Affordable, Mid-end and High-end properties.
Affordable properties: the most affordable areas are Khalifa and MBZ City, where one-bedroom apartments for rent cost from $9,000 to $11,500. Rents in Khalidiya/Bateen range between $11,000 and $12,500 per year. Central Abu Dhabi is also marked as an affordable area with rentals from $11,000 to $13,000, while renting in Corniche is more expensive – $12,500-13,600 a year. Al Reef area offers one-bedroom apartments between $13,000 and $14,500.
Mid-end properties: Renting in Shams Abu Dhabi area costs from $13,600 to $16,500, in Najmat and Tamouh areas from $13,600 to $16,800. Al Raha Beach, located on Dubai-Abu Dhabi highway, offers one-bedroom apartments for rent for $16,500-19,000 and Khalifa and MBZ City prices for mid-end properties are between $11,400 and $19,000.
High-end Properties: the most affordable area in this category is Marina Square, where high-end property rents start from $14,000 and go up to $19,000. Renting luxury one-bedroom apartment in Shams Abu Dhabi costs from $16,500 to $19,600 and in Yas Island – from $19,000 to $21,700 per year. Corniche area offers high-end properties for rent for $17,600-20,500; renting in Central Abu-Dhabi is more expensive – $20,500-21,700 a year. But the most expensive area with one-bedroom apartments for rent is Saadiyat Beach, rents range there from $20,000 to $23,000.