Abu Dhabi property market under increasing pressure: Asteco

There’s been a further decline in apartment and villa rental rates in Abu Dhabi with high-end units being the most affected. Real estate consultancy firm Asteco’s report for the third quarter indicated a 3 to 6 per cent drop in rates, year-on-year. It says redundancies and a reduction in housing allowances are prompting tenants to downsize or move to more affordable properties. Meanwhile, prime office rents in the capital have fallen 4 per cent over the last three months and are apparently at their lowest point since the market peak in late 2008.