Abu Dhabi:Most Expensive City in Middle East..

According to ECA International's new report, Abu Dhabi was the most expensive city in the Middle East to rent a high-end 3 bedroom apartment last year.

ECA International, a London-based knowledge & solutions provider for international HR professionals, revealed in its latest accommodation report that though rents in Abu Dhabi continued to fall, with supply of rental properties significantly outstripping demand, the Abu Dhabi city remained the most expensive in the Middle East for 3 bedroom flats.

ECA International produces accommodation reports for more than 130 locations to help companies in deciding what accommodation policy to adopt & what level of housing allowance to provide to international employees.

Published annually, these reports provide information on the types of accommodation and geographical areas usually favoured by international assignees

Highlights of ECA International..!

** Globally, the Abu Dhabi city was ranked 23rd, with average rent per month at Dh 14,411. Dubai took the 35th position with average rent per month being Dh 12,754.

** Unlike Abu Dhabi, rents in Dubai had increased in 2012 as the market there showed signs of recovery following decline in the previous 3 years.

*  Hong Kong remained the most expensive location in the world to rent a high-end 3 bedroom flat. Rents for an unfurnished 3 bedroom flat in a sought-after area of the city averaged $ 11,550 (Dh 42,388) per month .

* Hong Kong was followed by Caracas in Venezuela, where a dearth of suitable properties and high demand driven by a booming petroleum industry led to significant increase in rents.

* New York, Moscow and Tokyo completed the list of the top five most expensive locations in the world to rent a 3 bedroom flats.

* Globally, average rental prices for a 3 -bedroom apartments fell to $ 3,030 (Dh 11,120) per month in 2012 from $ 3,080 per month in 2011.

Asteco Property Management, a property consultancy, on recently, said that average rents in Abu Dhabi declined by 12% in 2012 and a further decline is expected this year as 17,000 new flats enter the market.

Jones Lang LaSalle, a global real estate consultancy, has said average rents of prime residential units remained unchanged in the fourth quarter 2012 with the average prime rent for a a bedroom flat in the capital falling in excess of 48%since the market peaked in 2008.

About 12,000 residential flats entered the Abu Dhabi market in 2012 with 16,000 new flats expected to enter the market this year, it added.

In Dubai, prime residential rents have increased on average by 15 to 17% across the market. About 18,000 flats be completed in Dubai this year (2013).

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