Abu Dhabi Real Estate Market Remains Subdued, Says Asteco

Abu Dhabi continues to experience negative growth across all property types due to weakness in the job market and reduced housing allowances, according to the Q3 Abu Dhabi Real Estate report by leading real estate consultancy Asteco.

Average apartment rental rates dropped by 3% over the quarter and by 10% over the last 12 months, with the highest declines recorded for mid-end properties and large units within prime and high-end projects.

In the high-end segment, the highest year-on-year (YoY) declines were recorded at Abu Dhabi Corniche (down 15%), while mid-end and low-end areas evidenced the largest declines, including Al Reef Downtown, Khalifa and MBZ City.