Rents in Abu Dhabi jumped by 6 per cent in the second quarter of this year from the first on a lack of new supply, according to a report by Asteco.
The property consultant said new leases were being agreed on rates that were typically about 8 per cent higher than previous deals, but renewals on prime, high and mid-quality accommodation were typically being signed with increases of 4 to 6 per cent.
In prime areas such as Eastern Mangroves and St Regis Residences on Saadiyat Island, rents were renewed at increased rates of 12 per cent and 10 per cent, respectively, and there was a waiting list of prospective tenants for properties, it said.
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