Tuesday, November 11, 2008

Shortage in supply of housing to ease out within 4 yrs in Abu Dhabi

The demand for Abu Dhabi property units will be met in four years time, said Urban Planning Council General Manager, Falah Al Ahbabi.

Speaking to delegates at MEED Abu Dhabi Conference, Al Ahbabi said that the economy is growing at a rapid pace, but the infrastructure and buildings in Abu Dhabi will take atleast four years.

The developers are being pressurized and we are confident about solving the issue. The prices will stabilize and supply would come online, he said.

Shortage in supply of units is a fact, and has been an issue over the past two years. This shortage would continue for next 3-4 years, by which the demand and supply would meet, agreed Al-Ahbabi.

As per last month's report by Abu Dhabi Chamber of Commerce, Abu Dhabi has a shortage of minimum 28,000 housing units this year, and this has pushed up rents, and the total demand for units would touch 70,000 by 2010.

The population of Abu Dhabi is currently more than a million and has been growing at 7 percent a year.

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