{"id":13372,"date":"2016-05-17T20:40:32","date_gmt":"2016-05-17T13:40:32","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=13372"},"modified":"2016-05-17T18:50:51","modified_gmt":"2016-05-17T11:50:51","slug":"no-rent-rise-for-nearly-40-of-abu-dhabi-residents-in-q1-new-report-shows","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-rent-rise-for-nearly-40-of-abu-dhabi-residents-in-q1-new-report-shows\/","title":{"rendered":"No rent rise for nearly 40% of Abu Dhabi residents in Q1, new report shows"},"content":{"rendered":"


\nThe supply of new homes in the capital, which fell to a seven-year low in the first quarter, has helped landlords to increase rents slightly, according to a new report. During the three months to the end of March, 61 per cent of lease renewals saw a modest rise, 38 per cent were agreed at a zero per cent increase, and only 1 per cent had rents reduced, the report by MPM Properties, the real estate advisory arm of Abu Dhabi Islamic Bank (ADIB), showed.”We are seeing a shift in market dynamics as the first quarter of this year has seen a constrained new supply of homes coming into the market with the residential market expected to see less than 2 per cent housing stock growth in 2016 versus an average of 4.5 per cent a year over the last seven years,” said Paul Maisfield, the chief executive of MPM Properties.”The slowdown in new supply will counter some of the downward pressure on rents, although a marginal correction is expected in the months ahead.”Around 1,000 new homes entered the Abu Dhabi market during the first quarter comprising small to medium sized developments in Al Nahyan, Muroor Road and Mohammed Bin Zayed City. ADIB’s real estate market data and rental indices are collated from transactions within its portfolio of over 23,500 units under MPM Properties’ management.A report from Cluttons showed that as companies in the capital were reducing housing allowances for staff, demand for high-end apartments was softening. The consultancy also said that there was a shortage of affordable homes.Cluttons said that some landlords had recognised the issue and were beginning either to lower rents or offer greater flexibility in payment terms, with some now accepting quarterly cheques. MPM said a similar trend was being offered by developers to home buyers as transaction volumes stayed low during the first quarter. To offset the slower appetite, MPM said developers were offering attractive payment plans on off plan residential sales to boost demand.In the office space, which is mostly led by the public sector, corporations have cut spending and put expansion on hold. MPM Properties predicts around 350,000 square metres of new office space to be added by the end of 2016. The majority of offices will be at City of Lights on Reem Island, with the remaining floors at Addax Tower being handed over in this quarter, and in Omega Tower which is due to be completed later in the year.Meanwhile, the hospitality sector added around 210 hotel rooms during the first quarter. Prominent projects that are due this year include the Four Seasons, Marriott, Grand Millennium Bab Al Qasr Hotel, and the Emirates Pearl hotel. selgazzar@thenational.ae
\n
\nSource : thenational.ae
\nRead more…No rent rise for nearly 40% of Abu Dhabi residents in Q1, new report shows<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The supply of new homes in the capital, which fell to a seven-year low 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-13372","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\/p75ss1-3tG","jetpack-related-posts":[{"id":20672,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/has-the-dubai-property-market-turned-house-prices-in-the-emirate-edge-up\/","url_meta":{"origin":13372,"position":0},"title":"Has the Dubai property market turned? House prices in the emirate edge up","date":"July 24, 2016","format":false,"excerpt":"\r After two years of house price declines in Dubai, the UAE's largest property data company recorded a slight uptick in prices last month.According to new figures from property data company Reidin, house prices in Dubai increased by 1 per cent during the three months to the end of June,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":39089,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-caps-rent-rises-just-as-they-fall\/","url_meta":{"origin":13372,"position":1},"title":"Abu Dhabi caps rent rises, just as they fall","date":"December 28, 2016","format":false,"excerpt":"\r Two weeks after the Abu Dhabi government reintroduced a rent cap in the capital, landlords and tenants are still weighing what this will mean for the rental market next year.On December 13, the Department for Municipal Affairs and Transport announced that it had taken the unexpected step of reintroducing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":39095,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-landlords-weigh-options-of-reintroduced-rent-cap\/","url_meta":{"origin":13372,"position":2},"title":"Abu Dhabi landlords weigh options of reintroduced rent cap","date":"December 28, 2016","format":false,"excerpt":"\r Two weeks after the Abu Dhabi government reintroduced a rent cap in the capital, landlords and tenants are still weighing what this will mean for the rental market next year.On December 13, the Department for Municipal Affairs and Transport announced that it had taken the unexpected step of reintroducing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":995,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/what-to-expect-from-the-abu-dhabi-property-market-in-2016\/","url_meta":{"origin":13372,"position":3},"title":"What to expect from the Abu Dhabi property market in 2016","date":"January 8, 2016","format":false,"excerpt":"\r \r The Abu Dhabi real estate sector was something of Dr Jekyll and Mr Hyde last year. Sales prices have been flat since the last quarter of 2014, but leasing failed to read the script and was up by as much as 7 per cent in some areas last\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18762,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rents-at-abu-dhabis-reem-island-may-drop-once-dust-settles-after-summer\/","url_meta":{"origin":13372,"position":4},"title":"Rents at Abu Dhabi's Reem Island may drop once 'dust settles' after summer","date":"July 5, 2016","format":false,"excerpt":"\r Housing rents for existing tenants on Abu Dhabi's Reem Island could fall by as much as 10 per cent by the end of the year, estate agents say.The effect of job cuts across the oil and gas and construction industries and the fall in global oil prices could finally\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51392,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/soft-economic-sentiment-a-drag-on-abu-dhabi-property-sales\/","url_meta":{"origin":13372,"position":5},"title":"Soft economic sentiment a drag on Abu Dhabi property sales","date":"April 9, 2017","format":false,"excerpt":"\r Continued weakness in the Abu Dhabi economy is forcing more property investors to become \"accidental landlords\", as they are unable to sell units that are nearing completion at a profit, according to a new report by Cluttons. These investors' willingness to offer more flexible terms to potential tenants to\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\/13372"}],"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=13372"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/13372\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=13372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=13372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=13372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}