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UAE capital’s residents take advantage of increased supply and better value for money swopping old for new, with community-led developments leading the trend, says latest Asteco report.
Tenants living in Abu Dhabi took full advantage of increased real estate market supply by upgrading from their existing accommodation and maximising their housing allowances as better quality became more affordable through market supply and demand dynamics, according to the H1 2012 report from leading UAE property management company Asteco.
“A total of 7,400 apartments and 1,675 villas were added to the city’s rapidly expanding real estate sector in the first half of the year, triggering a wave of internal movement as existing residents sought to upgrade to better quality and value for money accommodation,” said Elaine Jones, CEO, Asteco Property Management.
Major new areas of supply include Marina Square and Raha Beach, with a combined 3,638 new homes and a number of landmark developments such as Rihan Heights also coming on stream. The flight to quality has led to clear segmentation, with older areas and buildings that previously commanded high rental rates and occupancies – such as the Tourist Club, Khalifa City A&B and Mussafah – falling out of favour, with rates dropping between 3% and 14% since Q1.