ABU DHABI // The slide in rents in the capital will stop with the expected influx of people moving to Abu Dhabi over the next year, experts predict.
The Executive Council’s decision that all Government employees must move to the emirate within a year will be a “major boost” to the residential market, according to the major real estate companies.
Jones Lang LaSalle’s head of research, Craig Plumb, said a shift of employees would have an impact on residential demand and prices, as the Government was the emirate’s largest employer.
Mr Plumb said the recent high levels of new stock in the market would normally have meant an increase in the number of vacancies.
The latest quarterly report on the housing market, published in July, said about 11,000 apartments and villas will be completed in 2012.
“The balance in the market has been in the tenant’s favour, as the average rents have been declining,” he said.
Rental prices are set to fall further in the next six months. It currently costs about Dh120,000 a year for a quality two-bedroom apartment.
But Mr Plumb said the council’s ruling would now “strengthen the hand of the landlords” in their rent negotiations with tenants.
According to Matthew Green, head of research at CB Richard Ellis, landlords would be able to “automatically think about higher rents and be more aggressive” towards tenants.
“Properties are likely to see a boost in demand, but it’s still a tenant’s market,” he said.
Almer Agmyren, the managing director at the Abu Dhabi-based Rex Real Estate, said the capital will get busier and livelier as “more people will be spending money”.
He said that demand for housing on Saadiyat Island had grown enormously.
“Saadiyat is the next destination in Abu Dhabi,” he said, adding that one-bedroom apartments were starting at Dh134,000.
molson@thenational.ae
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Explained
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Mohammed bin Zayed Majlis
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Sri Lanka v England
First Test, at Galle
England won by 211
Second Test, at Kandy
England won by 57 runs
Third Test, at Colombo
From Nov 23-27
Results:
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Winner: Tabarak, Royston Ffrench (jockey), Rashed Bouresly (trainer)
7.05pm: Handicap | $175,000 (Turf) | 3,200m
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Winner: Mubtasim, William Buick, Charlie Appleby
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
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