Abu Dhabi property rents suffer a 24% drop in Q2

Aug. 30, 2012 - PRLog -- Abu Dhabi real estate sector has continued to suffer the effects of oversupply and has gotten a blow of 24 percent in its rents. Oversupply, which previously was a huge issue in Dubai during the economic crunch, has continued to haunt Abu Dhabi now. According to sources, Abu Dhabi is undergoing the same phenomenon as Dubai where some of its properties are doing better than the others by showing no signs of a downward trend in their rents. Several of its popular developments, like Al Reem Island and Al Reef Villas, have continued to spark the interest of buyers.
While much of Abu Dhabi’s realty market has continued to record a drop in its rent, the problem is less bad in its popular communities. Al Reef Villas and Al Reem Island, both of these developments are two of the top trending communities on Bayut, have continued to attract healthy traffic on the site. For other less popular areas, there have been less and less searches on the site. Oversupply and poor quality constructions are two of the reasons behind the fall in Abu Dhabi rentals.
Experts at Bayut believe, that Abu Dhabi realty sector too could recover just as quickly as Dubai’s market if it curbs the problem of oversupply. Dubai has successfully shaken off some of the last signs of recession and is on its way to recovery. For Abu Dhabi however, the downward trend in rentals could mean that recovery is a distant dream.
About Bayut – http://www.bayut.com is the no. 1 Dubai property portal in the UAE. As the prime website, it offers its prestigious members property listings that are miles long. Not only that, the site is also home to some of the best tools and features to help assist its widespread clientele which comprises of investors, agents, dealers, agencies, renters, general buyers and sellers.
For more information please visit: http://www.bayut.com