The number of new tenants taking out leases in Abu Dhabi's glitziest neighbourhoods has increased by up to a fifth as government workers relocate to the capital ahead of the housing allowance decree deadline.
Property brokers are reporting a surge in leasing activity in new masterplanned areas as government employees move their families to the emirate in time for the September 1 deadline to live in Abu Dhabi or face losing their housing allowance.
Estate agents report leasing activity in the city as a whole is up by between 10 per cent and 20 per cent due to the influx of government employees hunting for properties.
"We have probably seen an increase of 20 per cent in leasing activity compared with the same period last year," said Andrea Menown, the head of leasing at LLJ Property. "We have definitely seen a big increase in the number of families looking to rent in the city within the government housing allowance price brackets."
Another property broker Cluttons also reported a significant rise in leasing activity due to the influx of workers who live or have been residing in Dubai but work in the capital.
"We have seen perhaps 10 or 15 per cent more tenants taking leases this year compared with summer 2012," said Drica Rodrigues, the residential leasing manager at Cluttons' Abu Dhabi office.
"It's a trend we have been noticing for the past six months or so. However, we don't think all of this is down to the decree," she said. "We have also seen an increase in the number of teachers looking for accommodation due to [new] school openings."
In its latest quarterly statistics on the Abu Dhabi market published yesterday, CBRE also reported increased tenant activity in the housing market.
"We're probably looking at an increase in leasing activity of 10 and 15 per cent," said Matthew Green, the company's Dubai-based head of research. "However, this has been concentrated in the new masterplanned areas of the city while the older areas have seen very little activity."
According to CBRE, after years of falling rental prices, average rents in Abu Dhabi are set to start to rise by the end of the year due to the influx.
Opinion among property brokers in the cpaital is divided over what is happening to average rents as rents in older apartments in the city centre continue to fall while those in newer blocks are rising.
CBRE reported average rents in Abu Dhabi dropped a further 4 per cent during the three months to the end of June making them now 10 per cent lower than they were a year ago. But it added that, despite an expected glut of 5,000 new flats coming to the market over the coming months, it expected to see average rents showing an increase before the end of this year.
"The market in Abu Dhabi is becoming increasingly fragmented," Mr Green said.
"We've seen that rents in newer stock have gone up by around 15 per cent over the last six months alone," said LLJ's Ms Menown. "Rents for one-bedroom flats in Tala Tower on Reem Island started at Dh75,000 and are now at around Dh90,000 a year."
Abu Dhabi brokers also said they were receiving more inquiries from house hunters wanting to buy property in the city.
LLJ reported an increase of more than 20 per cent in the number of prospective buyers it was showing around flats over the past year, albeit from a small base.
"This could be something to do with the decree but we suspect it is just a function of more newly built flats coming to the market," said Ms Menown.
"A year ago there really wasn't much stock on the market which anyone in Abu Dhabi could buy. Over the past few months a few more developments have come online such as Rihan Heights and Tala Tower."
lbarnard@thenational.ae
WORLD RECORD FEES FOR GOALKEEPERS
1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)
2) Alisson, Roma to Liverpool (£67m)
3) Ederson, Benfica to Manchester City (£35m)
4) Gianluigi Buffon, Parma to Juventus (£33m)
5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
MATCH INFO
Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)
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: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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.
UAE%20SQUAD
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COMPANY%20PROFILE
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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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Results
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
Voy!%20Voy!%20Voy!
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Company%20Profile
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RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
Empty Words
By Mario Levrero
(Coffee House Press)
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
