The average of residential apartments prices was reduced by 7% and villas by 5% in Abu Dhabi during 2016 and it is expected to decline in the recent year according to the report, which issued by (ASTEKO) company that specialized in the field of real estate consultation services.
As the average of offices rental prices was reduced also by 7% on year-by-year basis with a significant slowdown in demand for large areas. As a result, owners became offer smaller units and less rental rates in addition to the payment plans are more flexible.
John Stevens, Asteco's chief executive, said that the demand for large offices will remain constant and the owners will tend to divide the offices in order to lease it.
There are many distinct and new offices, which will be delivered in 2017 including Al Hilal Bank and ADIB. According to media release, "Asteco" report showed that the new supply of residential units will participate in reducing prices in market and about 1400 units have been delivered during last year and it is expected to deliver more than 4000 new units (2700 apartments and 1360 villas) this year.
The report referred to the annual rent for luxury apartments with two bedrooms in Abu Dhabi land reduced by 10% to reach AED 141,000 when the average of apartment rent with one bedrooms in Khalidiya and Al Batin dropped by 13% to reach AED 146,000.
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