Abu Dhabi real estate market ‘could boom’
October 8, 2008 by OPPE News
Part of the United Arab Emirates could see a further development and property investment boom thanks to a shortage of 100,000 housing units.
The supply gap has led real estate consultancy Eqarat to boost its presence in Abu Dhabi, which is in the north of the UAE.
The company said the small state currently has 186,200 units, expected to rise to 193,100 in 2009 and to reach 213,100 by 2010.
Development targets could see an extra 140,000 residential units built by 2013, according to Eqarat.
Ali Al Rahma, chief executive of the company, outlined his firm’s plans to expand operations in the state and noted there was “outstanding demand” for high quality residential projects.
He also pointed to the government’s “proactive actions” to control the rapidly growing market as a further reason real estate in the Emirate could see expansion.
Eqarat also said Abu Dhabi’s real estate market is being further boosted by rapid rises in land values, which in some cases have grown by more than 100 per cent, according to industry reports.
Last month sales started for Rihan Heights in Abu Dhabi, a flagship residential and sporting development being built by Capitala.
Founded in 1991, Eqarat specialises in property consultancy and sales services and currently has offices in four countries.
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