Revealed: Where Abu Dhabi property rents, prices fell the most in 2017
The Abu Dhabi property market has seen substantial declines in property rents and sales prices over the last year.
In an end of year report, property site Bayut.com compiled a list of popular areas that had seen the most substantial decreases year-on-year from November 2016 to December 2017.
This revealed falling rents in even the most popular and affordable areas.
Apartments in Al Reem Island, described as the most in-demand area among Abu Dhabi tenants, were found to be 14 per cent lower than the previous year with studios commanding Dhs60,000, one-beds Dhs82,000 and two-beds Dhs120,000.
Elsewhere, the most affordable area, Mohammed Bin Zayed City, saw a 12 per cent decrease in rents with studios commanding Dhs30,000, one-beds Dhs47,000 and two-beds Dhs65,000.
While the same percentage decrease was also seen in the most expensive area, the Corniche, where studio rents declined to Dhs80,000, one-bed rents to Dhs99,000 and two-bed rents to Dhs135,000.
Far and away in the leader in terms of price declines though was two-bed apartments on Airport Street, which now averaging Dhs85,000 a year were 29 per cent lower than 2016. In contrast, studios in Khalifa City A remained at a stable Dhs36,000.
For the villa market, the most popular area Khalifa City A saw rents decrease 4-10 per cent with average rents for a three-bed at Dhs155,000, a four-bed at Dhs180,000 and a five-bed at Dhs200,000.
Bayut said the most popular area for villa rentals on its site was Mohammed Bin Zayed City where the average yearly lease was down 5-14 per cent with three-beds costing Dhs120,000, four-beds Dhs150,000 and five-beds Dhs165,000.
But there was a less sizeable decrease in average rates in the most expensive area among the popular choices, Bain Al Jessrain, where a 3-4 per cent meant villa rents still ranged from Dhs200,000-250,000.