According to ECA
International's new report, Abu Dhabi was the most expensive city in the Middle
East to rent a high-end 3 bedroom apartment last year.
ECA International, a
London-based knowledge & solutions provider for international HR
professionals, revealed in its latest accommodation report that though rents in
Abu Dhabi continued to fall, with supply of rental properties significantly
outstripping demand, the Abu Dhabi city remained the most expensive in the
Middle East for 3 bedroom flats.
ECA International
produces accommodation reports for more than 130 locations to help companies in
deciding what accommodation policy to adopt & what level of housing
allowance to provide to international employees.
Published annually,
these reports provide information on the types of accommodation and
geographical areas usually favoured by international assignees
Highlights of ECA
International..!
** Globally, the Abu
Dhabi city was ranked 23rd, with average rent per month at Dh 14,411. Dubai
took the 35th position with average rent per month being Dh 12,754.
** Unlike Abu Dhabi,
rents in Dubai had increased in 2012 as the market there showed signs of
recovery following decline in the previous 3 years.
* Hong Kong remained the most expensive
location in the world to rent a high-end 3 bedroom flat. Rents for an
unfurnished 3 bedroom flat in a sought-after area of the city averaged $ 11,550
(Dh 42,388) per month .
* Hong Kong was
followed by Caracas in Venezuela, where a dearth of suitable properties and
high demand driven by a booming petroleum industry led to significant increase
in rents.
* New York, Moscow
and Tokyo completed the list of the top five most expensive locations in the
world to rent a 3 bedroom flats.
* Globally, average
rental prices for a 3 -bedroom apartments fell to $ 3,030 (Dh 11,120) per month
in 2012 from $ 3,080 per month in 2011.
Asteco Property
Management, a property consultancy, on recently, said that average rents in Abu
Dhabi declined by 12% in 2012 and a further decline is expected this year as
17,000 new flats enter the market.
Jones Lang LaSalle, a
global real estate consultancy, has said average rents of prime residential units
remained unchanged in the fourth quarter 2012 with the average prime rent for a
a bedroom flat in the capital falling in excess of 48%since the market peaked
in 2008.
About 12,000
residential flats entered the Abu Dhabi market in 2012 with 16,000 new flats
expected to enter the market this year, it added.
In Dubai, prime
residential rents have increased on average by 15 to 17% across the market.
About 18,000 flats be completed in Dubai this year (2013).
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