26 September 2013
Bigger apartments boast better demand in Abu Dhabi
The real estate market of Abu Dhabi is finally rubbing shoulders with the property market of Dubai as the demand of apartments rises in the capital of the UAE. Moreover,quite interestingly, Bayut.com’s data shows that the bigger apartments are seen to be more in demand as compared to the smaller ones and this leads to unveil another fact that Abu Dhabi’s rental market is dominated by bigger expat families.
Bright futures are being predicted by the property foreseers with regards to the real estate market of Abu Dhabi. The infrastructural developments, in the said emirate, is continuing to pave its way through the rugged economy of the world and the neck breaking competition forwarded by its sister emirate, Dubai. According to a report released by Bayut.com it was found that the government of Abu Dhabi is making efforts to keep its employees within the emirate and offering dire consequences if they plan to move somewhere else.
The government employees of Abu Dhabi who favoured Dubai as a better accommodation place were told to live within the emirate they worked in and thus the capital of the UAE not only saw a good increase in residents but also a healthy increase in the rental market. As per the luxuries offered in Dubai, the movers favoured the luxurious apartments of Abu Dhabi since the government was providing them with accommodation allowance and thus it was seen that the posh localities received all the blessings while the secondary market was ignored completely.
According to the statistical data maintained by the online database of Bayut.com it was found that the rental price of one and two bedroom apartments dropped 4.20 and 6.30 per cent respectively during the first three quarters of 2013. Contrastingly, the rental prices of three and four bedroom apartments witnessed a notable spike and the rents increased to 10.4 and 11 per cent respectively during the current year.
While the employees had to shift along with their families, as it was really hard to pay for two residencies, the emirate saw an increase in population which further secured its market. The economy was seen to improve as well and the local schools flourished alongside. Though the efforts of the Government, to strengthen the property market of Abu Dhabi, are seen to be depicted as desperate measures by many but they keep proving themselves to be not only successful but also beneficial to the emirate and it simply leads one to wonder, what think tank is sitting behind all these enigmatic strategies?
Author: Shaista Zulfiqar, Senior Communication Manager at Bayut.com