Big returns mean big moves in Abu Dhabi real estate market
November 5, 2008 by OPPE News
Abu Dhabi’s real estate market is now posting soaring rent prices and investment returns as more developers turn their attention to the state.
Al Jabal Holding is the latest company to announce expansion there after the Emirate showed signs of boasting some of the region’s biggest price appreciations.
Values have been soaring in Abu Dhabi over the last 12 months and experts predict the Emirate will need 250,000 new homes over the next 10 years.
Al Jabal said it would make its move in the state via newly-formed Al Jabal Abu Dhabi Real Estate.
Saeed Currimjee, Managing Partner of Al Jabal Group of companies, said: “The housing investments in the emirate of Abu Dhabi are yielding excellent returns to its property owners from the unprecedented boom in the economy.”
He added Al Jabal was pushing on with its expansion plans despite current upheaval in financial markets.
Although the firm is also involved in development, its initial move into Abu Dhabi is expected to focus on offering consultancy services to property investment professionals.
Arabian Business recently reported rents in Abu Dhabi have increased by 157 per cent in the third quarter of 2008 compared to the same 2007 time frame.
The site said a report by analysts Asteco also showed two-bedroom units had seen the biggest increases.
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