Nationwide Middle East Properties has issued some updates for the freehold properties in terms of leasing and sales. The highest demand is clearly noticeable for Al Reem Island Projects and Al Reef.
Nationwide Middle East Properties, a leading real estate firm in Abu Dhabi has issued a study about the latest trends and statistics for the third quarter of this year where a rise of 5% of rentals in Abu Dhabi area has been seen as compare to the 2nd quarter of 2015. This leasing price increase has forced the tenants to move away from the city to lease lower priced properties, such as Mohammed Bin Zayed City as well as the freehold properties off the Abu Dhabi Island such as Reem Island and Al Reef.
Ameen Al Qudsi, the CEO of Nationwide ME Properties said “With regard to the demand of the properties for rent, Al Reem is on top of the list that attracts most of the tenants to live in, which is followed by Al Reef, then Al Raha Beach. Even though the other areas’s overall demand remain relatively high – such as Al Ghadeer – the demand has seen a decline in Q3 compared to Q2.”
During the third quarter of 2015, the average studio rent in Reem Island is from 70k to 75k dirhams per year, the 1 bedroom apartment rent is from 85k to 105k, and the two bedroom unit vary between 125k and 160k. While the rental price for the 3 bedroom apartment, ranged between 170 and 240 thousand dirhams.
In Al Reef, the price of a studio is from 60k to 65k dirhams per year, 1 bedroom is 80k to 85k, two bedroom apartment is 95k to 100k, and the 3 bedroom apartment is 120k to 130k. While the average rent consisting of one bedroom in Al Raha Beach area is about 95k dirhams, the two bedroom apartment is 145k, 3 bedroom apartment of 175k to 185k , and the 4 bedroom apartment is 235k DHS.
In Al Ghadeer, the studio rent ranged between 40k to 45k dirhams per year, the 1 bedroom is 50k to 55k, two-bedroom is 70k to 85k. While the average rent studio in Saadiyat Island reached 95k dirhams per year, the one bedroom is from 110k to 115k, and the two room apartment is 160k to 180k, and three-bedroom apartment is 225k to 250k dirhams.
The study confirms the steady flow between the demand and the market price in Abu Dhabi during the third quarter of 2015. The higher prices for sale have been recorded respectively for Al Raha Beach, Saadiyat, then Al Reem Island.
“Most of the property purchases in Abu Dhabi – by the investors and end users – are focused on the new projects, especially The Kite Residences and The Wave Tower on Al Reem Island”, said Ameen Al Qudsi, CEO of Nationwide Middle East Properties”.
“With regard to the properties for sale, Al Reem Island is seen on top of the communities which attracts most of the home buyers and investors. This is followed by Al Reef, then Hydra Village, Al Ghadeer, Al Raha Beach, Al Raha Gardens, Golf Gardens and Saadiyat”, Ameen continued.
During the third quarter of this year, the price for a studio on Reem Island was ranged between 880k and 1.05M DHS, 1 bedroom apartment is from 1.1M to 1.3M, the two 2 bedroom apartment is from 1.5M to 1.9M, three-bedroom apartment for 2.85M to 3.2M, and the 4 bedroom unit from 3.7M to 4M DHS.
In Al Reef, the price of the studio is 650k AED, 1 bedroom is from 850k to 900k AED, the 2 bedroom apartment is from 1.14M to 1.2M AED, and the 3 bedroom apartment from 1.45M to 1.5M.
The studio apartment price is ranged from 1.35M to 1.4M in Al Raha Beach, the 1 bedroom is from 1.4M to 2.1M, the 2 bedroom is from 2M to 2.6M, the three-bedroom apartment from 2.6M to 4.5M, and the 4 bedroom from 3.3M to 6M.
A studio in Saadiyat island costs between 1.6M and 2M AED, and the unit consisting of one bedroom, from 2.4M to 2.7M AED, the two bedrooms is 2.9M to 3.3M AED, the 3 bedroom apartment from 3.8M to 4.2M AED, while the price of a 4 bedroom unit amounted for 5 million dirhams.
For Al Ghadeer studio apartment, the price is ranged between 460k and 550k dirhams, one bedroom is from 650k to 725k, and the two bedroom apartment from 900k to 1.15M dirhams.
We can conclude through the above analysis that the real estate market is stable in Abu Dhabi. It is the best time to get a hold on a new property as same for an end user or for investment purposes. Taking full advantage of this market prosperity and buying property would be the right decision to swap the rentals with installments.
If you have already made your mind but still have some questions which barricade your final decision, meet us anytime, to answer your questions and make your way to your new home easier.