Cross-border shelling has killed at least 70 civilians, including children, rescue workers and journalists
world11 hours ago
Residential rents and sales prices in Abu Dhabi are expected to see further moderate declines in 2018 owing to the continuous delivery of new supply, says real estate consultancy Asteco.
Average apartment and villa rents declined by 10 per cent and seven per cent in 2017 in comparison to 2016, whilst apartment and villa sales prices declined 10 per cent and four per cent year on year.
While rents for one-bedroom apartments decreased by an average of Dh10,000 per annum, the larger two- and three bedroom units dropped by an average of Dh16,500, says Asteco in its Q4 2017 market update.
Limited economic growth continued to translate into job cuts, reduction of staff allowances and limited new employment opportunities. This, coupled with the increase in new supply, resulted in a drop in sales prices and rents across all asset classes. The decline was most prominent for high and mid-quality properties, the report adds.
"Approximately 9,000 residential units, including 6,200 apartments and 2,800 villas and townhouses are anticipated for completion this year, predominantly within the districts of Reem Island, Al Raha Beach and Yas Island," said John Stevens, managing director, Asteco.
"Based on previous years, the delivery of some of this inventory may be postponed until 2019 such as the delayed office buildings Omega Towers on Reem Island and the ADIB HQ on Airport Road, which were due for delivery in 2017 but are now expected for handover in 2018," Stevens continued.
Around 2,800 apartments and 750 villas and townhouses were delivered in 2017.
While transaction activity for completed properties slowed compared with previous years, newly launched off-plan quality projects came with attractive payment plans and discounts.
- business@khaleejtimes.com
Cross-border shelling has killed at least 70 civilians, including children, rescue workers and journalists
world11 hours ago
The hosts dominate with a total of 194 medals including 65 golds with Saudi in second place and Kuwait in third
sports11 hours ago
Residents with any information have been urged to contact the concerned authority
emergencies12 hours ago
Northeastern University in Boston says the action was taken after some protesters resorted to virulent anti-Semitic slurs
world12 hours ago
The church has been built on 4.37 acres of land, and stands opposite the BAPS Hindu temple
uae12 hours ago
A detailed guide on where to apply, the steps involved, and criteria for eligibility
uae13 hours ago
The Emirates called for strengthening the international humanitarian response and providing urgent relief to those in need
mena13 hours ago
Photonics is the study of light and has several applications including LED, VR, holograms, high-speed internet and solar panels among other things
uae13 hours ago