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Abu Dhabi showed a fall in by 35 per cent from March 2009.
According to a report published by Asteco, a property service firm, job redundancies and tenants moving out and opting to move out and look for apartments in Dubai resulted in the sharp fall in rent.
Three major factors that are pushing the Abu Dhabi’s residents to relocate to Dubai are price, apartment quality and availability of the flats.
According to the report rents are further expected to drop until year end.
One of the neighbourhood where the rents have taken a nose-dive is Salam street, which is undergoing a huge redevelopment project while other areas like Khalidiya and the Corniche continue to retain their value.
The report attributes the fall in rents to the mushrooming of new living spaces such as newly constructed villas and flats ready for occupancy - nearly 500 villas for sale in in Al Raha, a 100 in Khalifa City and an estimated 300 in Sas Al Nakheel.
Similarly some 20 apartment blocks have also come up in the capital, with more than 600 new units.
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