Dubai continues to outperform Abu Dhabi in regards to property and tourism.
New reports have suggested that the cost of renting a three-bedroom property in Dubai costs more than it does in the UAE capital of Abu Dhabi.
According to Asteco it costs DH122,000 per annum in Dubai, which indicated a 10 percent increase in the second quarter compared to the first. On the other hand average rents in Abu Dhabi stood at DH117,000 a quarter on quarter increase of three percent.
The report, which considers rates from the first half of the year, also states that the average rents for three-bedroom units in Dubai were four percent higher.
On a quarter on quarter basis, areas in Dubai saw a rise in rental prices with current rates for Dubai Marina standing at DH125,000 per annum demonstrating a 10 percent increase whilst in Jumeirah Beach Residence rents averaged at DH120,000 highlighting a four percent increase.
Other areas in Dubai also saw an increase in rents, Downtown Dubai saw an increase of 10 percent with average rents standing at DH180,000, Palm Jumeirah saw an increase of five percent with an average of DH180,000 and Sheikh Zayed Road have average rents of DH125,000 per annum, an increase of four percent.
In comparison, Central Abu Dhabi had average rates between DH125,000-145,000 per annum, demonstrating a two percent decline and Khalifa A & B had average rents of DH75,000-85,000, a decline of three percent.
Recent reports have suggested that Dubai is outperforming the UAE capital in terms of property and tourism rates and Dubai was labelled as the world’s top performing real estate market in the first quarter of 2012 according to the latest Knight Frank Prime Global Cities Index.