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UAE rents to decline further this year
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Abu Dhabi market likely to become more tenancy-driven despite supply crunch continuing.
Dubai/Abu Dhabi: Rents in Abu Dhabi will soften further this year even though demand exceeds supply. However, analysts acknowledge that the Abu Dhabi rental market is undergoing a similar transition to a tenant-driven one.
"We would expect to see further declines for the residential market in 2011," said Simon Gray, head of property broker Chesterton International.
"The market cannot sustain the current rental levels, with many occupiers looking at options further away from the city centre to satisfy their budget," he added.
In Dubai, the rental market is not expected to recover this year. There is still huge uncertainty among landlords and property owners about what new supply coming on the market will do to the sector. John Davis, the regional CEO at Colliers International, does not see any turnaround on the leasing side anytime soon.
Sharjah’s landlords have tried to stanch the outflow to other emirates, mainly Dubai, by cutting their rentals, but inherent hurdles such as power outages during the summer, the rise in utility costs and the regular traffic snarls into and out of the emirate during peak hours are taking a toll on residents’ patience.
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