Aldar Launches Units For Rent At The Arc, On Abu Dhabi’s Reem Island

Abu Dhabi developer Aldar Properties has announced that it is launching apartments for rent at the Arc at Gate Towers development.

Leasing of the properties, which are located on Reem Island, will begin this week, with studios plus one and two-bedroom apartments available to lease. Annual rents start from price of Dhs62, 000.

“We are bringing more high-quality, lifestyle residences to market at a time when residential demand is exceeding supply,” said Mohammed Al Mubarak, the deputy chief executive at Aldar.

Aldar has handed over more than 800 units in The Arc, which contains a total of 1,000 apartments. Gate Towers opened at the end of 2013.

The capital’s rents shot up in Q4 2013 as authorities scrapped a five per cent rent cap on the market last year.

Average apartment prices in Abu Dhabi increased 9 per cent during the first quarter of 2014, a 2 per decline from the previous quarter’s rise of 11 per cent, according to the 2014 real estate first quarter report by Asteco.