Abu Dhabi to see 10pc surge in new homes
Abu Dhabi, March 10, 2014
Around 22,000 residential units are expected to be delivered in Abu Dhabi this year, marking a 10 per cent increase year-on-year, bringing the total number of units in the emirate to 240,000, a report said.
Delivery of office and retail space for the remainder of 2014 is also expected to grow by 16 per cent and 20 per cent respectively, added the Q4 2013 Abu Dhabi Real Estate Overview released by global property experts JLL.
A total of 507,000 sq m of office space and 388,000 sq m of retail space are due to be added to existing stock by the end of the year, according to the report.
The fast-growing market bodes well for dozens of leading property developers at the eighth edition of Cityscape Abu Dhabi, which is set to welcome more that 120 new and returning exhibitors.
The event will take place from April 22 to 24 at Abu Dhabi National Exhibition Centre.
Among the headline exhibitors returning in 2014 having not participated last year include Tamouh, Baniyas, and Masdar, while first-time exhibitors include Farglory, and the event’s official broker Flash Properties and headline sponsor Ejadah Asset Management Group, a leading community solutions provider.
Billy Daly, chief executive officer of Ejadah Asset Management Group, said: “The demand for real estate and community solutions has been steadily increasing in Abu Dhabi, and as a leading provider with a strong track record in Dubai, we aim to meet the rising demand in the UAE capital for high-quality, world-class services.
“Abu Dhabi offers Ejadah excellent business growth opportunities as new projects and communities continue to be developed and completed, while Cityscape Abu Dhabi provides us with the ideal platform to access key industry stakeholders and exhibit our renowned capabilities in this rapidly expanding emirate.”
Other key exhibitors at Cityscape Abu Dhabi include platinum sponsors Emirates Steel and official mortgage provider Abu Dhabi Finance, while a strong international contingent is led by major developers from Turkey, Egypt, the US, Russia, the UK, and Oman.
Wouter Molman, director of Cityscape Group at Informa Exhibitions, the organisers of Cityscape Abu Dhabi, said: “The outlook for Abu Dhabi’s real estate sector is certainly positive as more jobs and strong economic performance contributes to growing investor confidence, while the general market sentiment across the whole of the UAE has improved since Dubai’s successful World Expo 2020 bid.
“Sales prices for Abu Dhabi villas and apartments increased on average by 25 per cent in 2013, growing to Dh12,800 ($3,480) per sq m. Cityscape Abu Dhabi also continues to grow at a steady rate, and its pleasing to see so many new exhibitors taking part this year, while those that have returned after one or two years away indicates an upbeat long-term future.”
An important highlight of Cityscape Abu Dhabi 2014 is the ‘Abu Dhabi Market Overview’ Executive Luncheon on the opening day, hosted in collaboration with JLL.
The half-day conference will put a spotlight on Abu Dhabi’s latest project development updates from the emirate’s largest developers, while a dedicated panel discussion with industry experts will outline the way forward for the emirate’s property market.
A VIP Networking Reception on April 23 will also provide a platform for influential decision makers, international investors, developers, architects, designers and consultants to meet, exchange ideas and share development updates in a relaxed and informal setting.
Cityscape Abu Dhabi is co-located with Piscine Middle East, a dedicated event for the swimming pool and spa industry. – TradeArabia News Service