Thursday, May 10, 2007

Abu Dhabi property market scaling new heights

Abu Dhabi, with its excellent infrastructure and natural waterfront, is very much considered the city of the future. The booming property market in Abu Dhabi is on the brink of touching Dh.3billion, while property sales is likely to fetch Dh.9 billion during the next decade.

Three main mortgage players and seven banks are catering to the property market of Abu Dhabi today, to meet the increasing demand of the commercial developments, as well as the home finance of the market.

Tamweel, the real estate major had opened its office at Abu Dhabi during 2006 and is ready to enter into partnerships with other major developers to encourage growth of property sector in Abu Dhabi.

The Cityscape Abu Dhabi 2007, the three day property finance and investment exhibition is one among the major business-to-business real estate events in the world, with 200 odd exhibitors in the event.

The Dubai-based developer, Sama-Dubai, who is a member of Dubai Holding, in the meanwhile, launched a scale model worth Dh.1 million on the first day of the Cityscape Abu Dhabi exhibition.

Also, the Dubai Towers project, a model of the four-towers, in The Lagoons master development alongside Dubai Creek, stretches to more than two meters in height. The CEO of Dubai Lagoons, Abdul Salam Al Merri, states that the model of Lagoons Dubai in City-scape is the biggest project of the company, and will find place in the project sales center in Dubai. The model has been worked on during the past couple of months, and will be ready by next month.

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