Abu Dhabi Rents Up 49%, On Par With London, New York - Report
Jul 20th 2008, 6:16 am
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Abu Dhabi Rents Up 49%, On Par With London, New York - Report
09:20 20Jul08 DJN-DJ Abu Dhabi Rents Up 49%, On Par With London, New York - Report
DUBAI (Zawya Dow Jones)--Rents in the United Arab Emirate capital Abu Dhabi were up 49% in June compared to the same month a year earlier and are unlikely to stabilize within the next 12 months, The National reported Sunday.
The average cost of renting an apartment in Abu Dhabi is now on par with renting apartments in London and New York, the daily said.
Jul 20th 2008, 7:21 am
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Re: Abu Dhabi Rents Up 49%, On Par With London, New York - Report
According to the research unit of the Department of Planning and Economy, low and middle-income workers, who make up 85 per cent of the population, had been the hardest hit by the rising cost of living.
The report estimated that middle-income earners were spending an average of 45 per cent of their income on housing.
So if the majority of the residents cannot afford to buy property, tourist numbers are reportedly dwindling as evidenced by a sharp fall in hotel occupancy rates, then why exactly are property prices increasing at silly rates? Who's buying?
The report estimated that middle-income earners were spending an average of 45 per cent of their income on housing.
So if the majority of the residents cannot afford to buy property, tourist numbers are reportedly dwindling as evidenced by a sharp fall in hotel occupancy rates, then why exactly are property prices increasing at silly rates? Who's buying?
Jul 20th 2008, 7:36 am
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Re: Abu Dhabi Rents Up 49%, On Par With London, New York - Report
Lengthy coverage on page 4 of the National today. Pretty shocking really - but harly surprised. Just supply and demand. But at least Khalidiya is still the most sought after location 
http://www.thenational.ae/article/20...237251532/1010
http://www.thenational.ae/article/20...237251532/1010
Jul 20th 2008, 8:05 am
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Re: Abu Dhabi Rents Up 49%, On Par With London, New York - Report
So, people working in Abu Dhabi are now living in Dubai as rents are lower. Is Dubai the new Sharjah for peeps working in Abdab then?!
Jul 20th 2008, 8:44 am
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Re: Abu Dhabi Rents Up 49%, On Par With London, New York - Report
Lengthy coverage on page 4 of the National today. Pretty shocking really - but harly surprised. Just supply and demand. But at least Khalidiya is still the most sought after location
http://www.thenational.ae/article/20...237251532/1010
http://www.thenational.ae/article/20...237251532/1010
.... but I still don't understand why anyone would live in a district named after a sexually transmitted disease...........
Jul 20th 2008, 9:53 am
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Re: Abu Dhabi Rents Up 49%, On Par With London, New York - Report
LOL ... very funny. So far I've been offered three answers for why it is named Khalidiya - named after Sheikh Khaled bin Mohamed Al Nayan, "a lot of Khaled's live there" and finally "to say forever". Judging by the tenant turnover, I'm going with the latter...
