{"id":10402,"date":"2016-04-11T18:13:46","date_gmt":"2016-04-11T11:13:46","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=10402"},"modified":"2016-04-11T16:43:07","modified_gmt":"2016-04-11T09:43:07","slug":"abu-dhabi-housing-market-fragments-as-people-search-for-cheaper-places-to-live","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-housing-market-fragments-as-people-search-for-cheaper-places-to-live\/","title":{"rendered":"Abu Dhabi housing market fragments as people search for cheaper places to live"},"content":{"rendered":"


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\nAbu Dhabi’s housing market is showing signs of “fragmentation” as a softening market in higher-priced areas is contrasting with greater demand for more affordable homes, according to CBRE.The company said in its latest Abu Dhabi Marketview ahead of Cityscape Abu Dhabi, which starts tomorrow, that affordable residences experienced modest rental growth of about 2 per cent in the first quarter of this year, offsetting a softening of rents in more expensive areas.
\n“Lease rates in areas such as Corniche and Khalidiya remained high, with prime rentals for one-bedroom and two-bedroom units currently around Dh120,000 and Dh180,000, respectively,” said Mat Green, the UAE head of research and consulting for CBRE.He said that there was a “continued shortage of affordable homes in the capital”, meaning that rental levels at the lower end of the market would continue to remain strong as more people seek out cheaper accommodation to mitigate increases in the cost of living.
\nThe market for house sales was largely muted during the quarter, with no major changes in average prices and weak appetite for property purchases. The lack of demand has been blamed on economic uncertainty as a result of continued lower oil prices, which is also hampering the commercial property market. A slowdown in both the government and hydrocarbon sectors has led a number of firms to announce downsizing, and others have closed offices in the capital.
\nDemand for smaller offices of less than 500 square metres remains buoyant, and rent for prime space stayed steady at Dh1,900 per square metre per year, with better built and managed buildings holding their value. Mr Green said that occupiers had “become a little more cautious with their approach to capital expenditures, and even to their overall business approach”, with decision-making periods over office moves often being delayed, despite landlords being more willing to negotiate rent-free periods and discounts.
\n“Amid a sustained period of market uncertainties and heightened risks, the non-oil sector is set to become an increasingly important component of the overall economy,” said Mr Green. “However, with oil prices anticipated to remain low, we expect the remainder of 2016 to follow similar patterns to the first quarter, with the market characterised by weakening demand and increasing supply.”mfahy@thenational.ae
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\nSource : thenational.ae
\nRead more…Abu Dhabi housing market fragments as people search for cheaper places to live<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Abu Dhabi’s housing market is showing signs of “fragmentation” as a softening market in...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-10402","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2HM","jetpack-related-posts":[{"id":10510,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/demand-drops-for-abu-dhabi-high-end-rentals-as-budgets-fall\/","url_meta":{"origin":10402,"position":0},"title":"Demand drops for Abu Dhabi high-end rentals as budgets fall","date":"April 11, 2016","format":false,"excerpt":"\r \r Abu Dhabi's rental market is showing signs of fragmentation as softer demand for higher-priced areas contrasts with a shortage of more affordable homes.According to Cluttons, cuts to housing allowances offered by companies in the emirate means there is a much smaller pool of potential tenants for high-end properties,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":424,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bloom-holding-boss-keeps-the-faith-in-abu-dhabis-housing-appeal\/","url_meta":{"origin":10402,"position":1},"title":"Bloom Holding boss keeps the faith in Abu Dhabi’s housing appeal","date":"December 21, 2015","format":false,"excerpt":"\r \r Veteran developer Sameh Muhtadi was appointed the chief executive of Bloom Holding in April after a 30-year career at companies including Arabtec, Emaar Properties Misr and Orascom Contrack. Mr Muhtadi has been tasked with overseeing Bloom\u2019s ambitious new projects including delivering Bloom Gardens, a partially completed villa project\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24889,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bloom-properties-plans-affordable-housing-in-abu-dhabi-and-dubai\/","url_meta":{"origin":10402,"position":2},"title":"Bloom Properties plans affordable housing in Abu Dhabi and Dubai","date":"September 4, 2016","format":false,"excerpt":"\r Bloom Properties is planning to build 3,000 flats in Abu Dhabi which can be rented out for as little as Dh45,000 a year.The Abu Dhabi-based developer said that it planned to build five blocks of what it calls \"mid range\" housing in the capital after buyers reserved 182 of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44235,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-broker-asteco-expects-abu-dhabi-rents-to-fall\/","url_meta":{"origin":10402,"position":3},"title":"Property broker Asteco expects Abu Dhabi rents to fall","date":"February 15, 2017","format":false,"excerpt":"\r Asteco has become the latest property broker to forecast rent declines in Abu Dhabi this year as 4,000 new homes are expected to come on to the market. According to the property broker's data, average rents for apartments in Abu Dhabi fell by 7 per cent in 2016 and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52211,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabis-tdic-mulls-idea-of-affordable-housing-for-saadiyat-island\/","url_meta":{"origin":10402,"position":4},"title":"Abu Dhabi's TDIC mulls idea of affordable housing for Saadiyat Island","date":"April 18, 2017","format":false,"excerpt":"\r Abu Dhabi's Tourism Development Investment Company (TDIC) on Tuesday said that it is looking to build \"affordable\" housing on the capital's upmarket Saadiyat Island as property developers across the country look to build lower cost off-plan units to attract buyers in a soft market.Speaking on the sidelines of Cityscape\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52207,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tdic-looks-to-build-affordable-housing-on-saadiyat-island\/","url_meta":{"origin":10402,"position":5},"title":"TDIC looks to build affordable housing on Saadiyat Island","date":"April 18, 2017","format":false,"excerpt":"\r Abu Dhabi's Tourism Development Investment Company (TDIC) yesterday said that it is looking to build \"affordable\" housing on the capital's upmarket Saadiyat Island as property developers across the country look to build lower cost off-plan units to attract buyers in a soft market.Speaking on the sidelines of Cityscape Abu\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/10402"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=10402"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/10402\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=10402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=10402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=10402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}