Abu Dhabi Witnesses 20% Decline in Apartment Rentals

The semi official daily Alittihad of Abu Dhabi published a report on real estate market in Abu Dhabi in the year 2011. People are aware about the worldwide economic collapse that happened in 08. And in line with the report, real estate property brokers have outlined that due to this economic collapse there has actually been 20% fall in apartment rentals in Abu Dhabi. This decline has made owners to stop charging 5% yearly rent increase together with paying for electricity and water fees for all the tenants. The other consequence for this downfall stands out as the easiness for discovering an apartment in Abu Dhabi. This situation is believed to be similar in 2012 as well. To captivate the attention of bachelors, that stay outside the city, in a large number the authorities make their ideal possible undertakings.

Furthermore, the govt. has said that those who own real estate properties of over Dh1 million could secure 3-year residency visa rather than 6 months earlier. There exists a long list as for why the buzz of room for rent in Abu Dhabi and apartment for rent in Emirates has brought up. This list encompasses support growth and development of tourism, a higher level of purchases which leads to job security, much better market certainty. Some more aspects are liquidity in banks, booming market as a consequence of growing oil price ranges, announcements by Emirates airlines and Dubai Civil Aviation to expand the aviation sector.

In line with 2030 economic plans introduced by Abu Dhabi Council for Economic Development, it is outlined that by the year 2030, to set-up an ecological and diversified, high value added overall economy is actually exactly what Abu Dhabi aims for. These initiatives will prove to add to the market that is nicely integrated into the global economy, which actually, presents way more accessible and higher-value business opportunities for it's citizens and residents.

Amongst the a number of committed real estate projects, Abu Dhabi is down into the development of nearly two dozen new resort hotels which includes the largest sized 844-room Millennium Al Wahda hotel. The richest Emirate moreover began progressing two barren islands: Yas, the home of Abu Dhabi's Formula One track and the Ferrari World theme park; and Saadiyat, which is stated to be the cultural district, having local branches of the Guggenheim and Louvre museums.

Recently the govt has agreed upon an agreement with Aldar, a developer. As documented in this agreement the developer is payed AED16.8 billion from the government. This agreement is an attempt to minimize the risks for individuals that are interested to buy apartments in Abu Dhabi. Based on this agreement, 760 homes at the Al Raha Beach development and AED5.7billion of property in the Central Market which is a project in down-town Abu Dhabi, will be bought by the govt. the govt. will even finance the completion of the district’s redevelopment.

The industry professionals look at the circumstance concerning Dubai and Abu Dhabi. The assessment exposes that Dubai's the property market boom was based on creating the sales of homes, while Abu Dhabi developed homes as per the demand from customers. Dubai's this strategy proved to be the reason of real-estate bust. This figure is calculated by International Monetory Fund. This is just what makes the market in Abu Dhabi stand out from Dubai. For those who would like to have flats for rent in Abu Dhabi or villas for rent in abu Dhabi, this needs to be taken into account. The methodology of Abu Dhabi through which they make homes based on the needs creates ways to rent apartments in this pearl of the Gulf.