Al Ain Properties, owned through an investment vehicle by Sheikh Hamdan Bin Zayed Al Nahyan, the Abu Dhabi Ruler's Representative in the Western Region of the emirate
The companies said discussions were at an advanced stage for Reem to receive new shares in Eshraq in exchange for Eshraq acquiring Reem’s entire business and assets
Its property market has been under pressure for more than a year after oil-rich Abu Dhabi had to cut government spending and lay off thousands of workers at state-linked companies
Average housing rents in Abu Dhabi have fallen for the first time in three years, driven by thousands of job cuts and an increase in the cost of living.
The first signs of long expected falls in housing rents in Abu Dhabi started to appear in the second quarter, according to new reports from property brokers JLL and CBRE.
Residential property rents in Abu Dhabi have fallen for the first time in three years at a time when jobs are being cut and the cost of living is increasing.
In Abu Dhabi real there was a slight decrease in demand for higher priced residential units but sales activity was slow although relatively stable except for a handful of transactions concluding at below market rates.
A fee of 3% on home rentals was announced as a Municipality Contract Fee, which will be applied to all Abu Dhabi’s expat residents and this could affect the market, according to the latest UAE property review from Asteco.
Rental rates for prime and high quality residential apartments fell 2% compared to the fourth quarter of 2015, the report data shows. However, apartment rental rates remained, on average, 4% higher than the previous year’s rates.
Abu Dhabi's property market is over-supplied and the government may take steps to address the imbalance, a senior official said on Sunday.
Prices in the UAE capital's residential sector were flat last year, after rising about 25 percent a year in 2013 and 2014, as affordability levels became stretched and the government cut spending following the slump in oil prices.
Residential property prices and rents have fallen in Dubai at the start of 2016, with the latest index figures indicating a falling or stagnant market.
Overall property prices rose just 0.09% in January and were down 9.6% year on year, according to the data from the latest ReidIn index.
A breakdown of the figures shows that apartment prices fell 0.19% month on month and 9.7% year on year while villa prices increased 1.23% but are down 8.9% year on year.
Average apartment rents in Dubai increased by 3% in January compared to the previous month but amounts varied across property types, the latest data shows.
Average rents reached an annual rate of AED138,000 overall with the market seeing some adjustments, according to the latest report from property portal Bayut.
The firm also reports an improvement in yields for apartment property investors, reaching an average of just over 6% but these do vary according to property type, location and quality with some reaching up to 10%.
Indians were the most prolific overseas investors in Dubai's realty market in 2015, clocking 3,017 transactions valued at more than USD 2 billion
While many property experts expected property prices to decline in anticipation of the 25,000 imaginary units to be delivered in 2015, the month of September passed smoothly in Dubai amidst price stabilisation
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