What was the general market movement?
After housing rents fell by up to 10 per cent in some areas of Abu Dhabi in 2017, property consultants predicted that they would continue to drop throughout this year, albeit at a lesser rate as oil prices stabilised and government spending ramped up.
However, according to a new report by Asteco, apartment and villa rates decreased on average 3 per cent and 2 per cent, respectively, in Q1, marking an annual year-on-year fall of 11 per cent and 9 per cent.
The report said the ongoing decline in rents was due to the continuous delivery of new supply "during a period of restrained economic growth and subdued market sentiment". It noted that vacancy rates increased across all residential unit types.
Which new developments opened?
For residents in the capital, there are plenty of shiny new buildings to choose from spread across the city. About 1,600 units were delivered to the market in Q1, including Ansam on Yas Island, Al Hadeel at Al Raha Beach and Muhaimat Tower on Reem Island.
New project announcements in recent months included the Al Fahid Island Master Development by Al Nahda Investment, and the Reflection Towers scheme on Reem Island by Aldar. Furthermore, the Saadiyat Grove development, in the heart of the cultural district on Abu Dhabi's Saadiyat Island, by Aldar and Emaar, was unveiled amid the developers' strategic tie-up.
What is the expected supply for the remainder of the year?
As with the past couple of years, projects earmarked for handover may well not make it to the market just yet. Asteco says that 7,300 units are lined up for completion before the end of the year but "previous delivery patterns suggest a number of these are likely to be delayed and will spill over into 2019".
The supply is expected to come from Reem Island (2,500 units), Yas and Saadiyat Island (1,800 units) and more than 1,650 units on the mainland.
Last year, 3,000 apartments and 750 villas were completed.
Where can I expect to get a good deal?
For house hunters, apartment rents at the upper end of the market on Reem Island have tumbled the most, according to the data, with a fall of 17 per cent year-on-year in the Shams area, and 14 per cent at Marina Square. For those preferring a villa, rents at Saadiyat Beach Residences are down 10 per cent year on year, and 11 per cent at Al Raha Gardens.
Tenants will also find that some landlords are now willing to rent out their properties for 12 monthly payments, rather than the typical one or two.
The National understands that an entire tower on Reem Island will be rented out for 12 monthly payments when it is released in the next couple of months.
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Read more:
Abu Dhabi launches rental index to boost transparency
End of the two-cheque tenancy: UAE's renters find themselves with the upper hand against struggling landlords
Dubai house prices, rents drop in first quarter of 2018
Aldar plans Dh10bn Alghadeer extension near Dubai border
Aldar and Emaar shares climb after Dh30bn strategic alliance
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
EXPATS
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