Wednesday, February 07, 2007

Abu Dhabi’s property sector expected to reach greater heights

The residential real estate market sales are expected to reach Dh.9 billion during 2007 according to Industry experts. The mortgage market in Abu Dhabi represents about one-third of the total real estate market worth Dh.3 billion.

Al Shirawi, while speaking to the Abu Dhabi Economic Forum, stated that the property market in Abu Dhabi is likely to witness a strong growth due to the realistic economic policies by the government and the efforts put in by the real estate developers in providing affordable houses for the middle income group. He added that with the current rental property law in place, there is likely to be a growth in the real estate sector.

Industry experts often refer a freehold property law in Abu Dhabi following the one which already exist in other emirates for boosting the growth of the property market. Al Shirawi mentioned that the best resale value for the leasehold property market in Dubai is more than 90 percent indicating the buyer’s confidence in the government. However, the developers should ensure that the standard quality is met with, and that the delivery schedules are met to boost up the growth in the UAE real estate sector.

No comments: