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Abu Dhabi residential rental rates dropped by as much as 15 percent in the second quarter of 2012, as new supply flooded into the market, according to a report published by the Asteco real estate consultancy firm on Wednesday.
?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.
As a result of the increased supply, quarter-on-quarter rental rates have slumped. The biggest drop was in Marina Square, which fell by 15 percent, followed by apartment units in Mussafah and villas in Sas Al Nakhl, which both dropped by 14 percent.
An additional 7,000 apartment units and 4,560 villas are due to come on stream in the second half of 2012, which will put further pressure on landlords and rental levels