Abu Dhabi rents are set for further gains after rising as much as 18 per cent last year as a supply crunch hits the market.
Rents in Abu Dhabi rose by up to 18 per cent during 2013 and are set to gain further this year as demand outstrips supply according to Asteco, the property broker.
Just 8,500 homes are scheduled for completion in the capital this year compared to as many as 28,000 in Dubai.
Rents for mid-market apartments in investment areas such as Al Bandar in Al Raha Beach grew the most last year as many Abu Dhabi government employees relocated to the capital to comply with a decree requiring them to reside in the emirate.
Asteco said that rent for an average two-bedroom apartment in central Abu Dhabi currently stands at Dh70,000 a year. Rents in ultra-high-end developments such as Etihad Plaza and Saadiyat Island remained broadly static, Asteco said, as wealthy residents stayed put. But high-end apartments in buildings such as Golden Tower in Al Nahyan Camp increased 11 per cent.
Asteco said it was unable to provide exact figures for rents in lower-end apartments in the city centre because it had changed its methodology for measuring them during the year. However, it said that it believed those rents had also increased slightly.
The estate agent said that with only 8,500 new homes expected to come to the market over the coming year and no rules restricting rent rises for existing tenants they could continue to soar.
Asteco added that the Abu Dhabi government’s decision in November to remove a cap limiting rents for existing tenants to annual increases of 5 per cent was pushing rents up in some areas. However, it reported that average rents increased by only 5 per cent over the fourth quarter of the year.
“The removal of the rent cap has made things interesting,” said the Asteco Abu Dhabi general manager, Jerry Oates.
“Overall we believe most landlords have stayed within a 5 per cent increase since the cap was removed for existing tenants.”
He added: “There has been resistance to any increase at all in some government LEASED buildings while in some parts of the city such as Tourist Club area we have heard of landlords putting up prices significantly because they have spent years watching higher rents go past.”
The figure tallies with data from Jones Lang LaSalle and Propertyfinder.ae data released earlier this month which found that rents in the city increased by 16.7 per cent over the year.
Asteco also reported that studio apartments and small one-bedroom flats were the most popular in 2013 because the city was attracting younger tenants without families.
It said that developments such as Al Reef, Hydra Village and MBZ/Khalifa City were experiencing some of the fastest rental growth, as tenants were priced out of other developments.
Asteco declined to comment on whether the increase in popularity for this type of housing was due to Dubai-based government workers taking on leases for cheap flats to get around the housing decree and remain living in Dubai.
Asteco said that it expected rents to continue to rise in Abu Dhabi over the coming year as demand continues to outstrip supply with only 8,500 new homes expected to be completed in the capital in 2014 (excluding Emirati housing).
Overall, Asteco said 2013 was the year when apartment prices in Abu Dhabi started to rise again. The agent reported that on average apartment sale prices increased 11 per cent over the three months between October and December and up by a staggering 29 per cent over the year.
However, it said that the sales numbers came from a very low base and included a relatively small number of sales.
Asteco said that demand from purchasers was particularly pronounced in the Al Raha Beach area, where the average price of an apartment is now between Dh1,175 and Dh1,425 per square foot.
It added that sales prices at Reef Downtown, an affordable development off-island, have outperformed the market with a 50 per cent sales price growth compared with last year. Current rates at Reef Downtown start from Dh825 per square foot.
“We would expect to see price growth to continue throughout 2014, albeit at a slower pace than the previous year,” Mr Oates said.
lbarnard@thenational.ae
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Abu Dhabi GP weekend schedule
Friday
First practice, 1pm
Second practice, 5pm
Saturday
Final practice, 2pm
Qualifying, 5pm
Sunday
Etihad Airways Abu Dhabi Grand Prix (55 laps), 5.10pm
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TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
SPECS%3A%20Polestar%203
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
UAE currency: the story behind the money in your pockets
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
