Trade group predicts rental rises in Abu Dhabi
Rents in Abu Dhabi are likely to continue rising for the next few years, a local trade group has predicted.
A new report by the Abu Dhabi Chamber of Commerce and Industry revealed that rents charged for residential property in the city have more than doubled since 2006.
The organisation attributed the trend to increased demand for accommodation from both locals and expatriate workers.
With a number of major infrastructure projects scheduled to take place in the United Arab Emirates over the next few years, the chamber expects demand and rents to rise still further as more overseas workers arrive.
"Our expectations for this year are that there will be a record supply shortage in housing units, exceeding 20,000," the group's report explained.
A local property broker recently told Emirates Business that he was struggling to find enough flats to meet demand from people seeking rented accommodation and that rents are rising sharply.
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