Abu Dhabi property market remains competitive


October 31, 2012 | By techimages2

Abu Dhabi has seen significant increases in supply across all sectors of the real estate market during a time of relatively weak demand and tight economic conditions. This is causing rents to correct from the unsustainable highs of the boom years and further rental declines can be expected with future additions to supply. But the rental clock for Q2 2012 does seem to suggest that rents are beginning to bottom out in the office, residential and hospitality sectors although they continue to fall in the retail segment.

The Abu Dhabi Government has taken several initiatives to support the real estate market. For example, it passed a law making it mandatory for those seeking to renew their family residency visas to present an attested tenancy contract. This regulation seeks to reduce the number of people sharing apartments in order to grow demand for new developments.

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