Abu Dhabi realty investments hit Dh16bn
Abu Dhabi:, January 9, 2008
Investments into real estate projects reached record levels in Abu Dhabi booming property market during 2007.
The volume of announced projects in the three islands – Al Reem, Yas and Abu Dhabi - was estimated at approximate Dh15.97 billion ($4.34bn), including multi-use, residential, and commercial projects, hotel, resorts, and entertainment developments.
The announced projects on Yas, Abu Dhabi and Al Reem Islands comprised 44 multi-use towers, 4 luxury hotels, a 10 storey building, and other master plans projected to be announced in early 2008.
The largest share of investment was pumped into Al Reem Island, with an investment volume of DH17.560 billion, excluding the non-announced projects.
“The significant opportunities in Abu Dhabi booming real estate market, particularly Al Reem Island has encouraged Local and International property developers to seek to capture a significant chunk of this market and to leave their footprints that demonstrate their superiority in terms of designs and architecture. Competition is not the first concern for most developers, as they are mature enough and seeking to showcase their advanced architectural styles,” said Dr Abdulrahman Al Tassan, CEO of Rakaa Property, real estate subsidiary of Rakaa Holding.
Dr Al Tassan, whose company is investing Dh1.2 billion in developing three smart home technology-equipped towers on Al Reem Island, added: “Good planning and legislations, such as freehold law have fueled unprecedented demand for property units in the nation's capital, and led the promising property market to enter competition with most developed markets of US, UK and Singapore in terms of performance and value”.
Resources from Abu Dhabi Chamber of Commerce and Industry revealed that Abu Dhabi property market will keep on growing during the coming two decades, a growth that will be, sometimes, subject to some changes in offers, trends of developments, and the forces of demand and supply.
Announced projects in Abu Dhabi during 2007 were calculated at 41 with total value that exceeds Dh101 billion, second place after Dubai, which led the list for the third consecutive year with Dh199 billion for 58 projects, according to local research. – TradeArabia News Service