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Rents rise in capital defying forecasts

Abdul Hai Mohamad Business24-7
Rents are forecast to rise by up to 25 per cent in July and August. (EB FILE)

Rents are forecast to rise by up to 25 per cent in July and August. (EB FILE)


Rents for homes in the capital have shot up by 20 per cent this month despite earlier forecasts that they would fall, said real estate authorities.



The hike is the result of a deepening shortage of residential units due to an influx of residents from Dubai and the granting of 100 per cent increases in accommodation allowances by many companies, particularly those in the petroleum sector. In addition, many landlords are refusing to let out units for less than the asking price.

Rents declined by between 10 and 15 per cent from April to the beginning of June. Tenants and property agents expected to see further falls this month and in July because thousands of residents were expected to leave Abu Dhabi because of rising living costs and job terminations – but rents have risen dramatically.

Source



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