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Abu Dhabi's real estate market posts drop
(MENAFN) Abu Dhabi, UAE real estate market viewed a decline among the second quarter in many sectors for the first time in three years.
However, the residential market faced downward pressure with vacancy rates increasing and rents and sale prices starting to fall.
On the other hand, despite the reduction in retail spending, retail rents remained stable this quarter, while vacancies remained minimal within local malls.
In addition, the hospitality market posted a 13 percent drop in ADRS, as the decline in corporate demand triggered by lower oil prices.
However, the residential market faced downward pressure with vacancy rates increasing and rents and sale prices starting to fall.
On the other hand, despite the reduction in retail spending, retail rents remained stable this quarter, while vacancies remained minimal within local malls.
In addition, the hospitality market posted a 13 percent drop in ADRS, as the decline in corporate demand triggered by lower oil prices.
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