abu dhabi focus
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SPOTLIGHT ON ABU DHABI
With the supply pipeline moving forward, how is the emirate gearing up for a different marketplace in 2011? Oliver Ephgrave looks at the latest reports to assess the current - and future - state of the market
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While the vision of Plan Abu Dhabi 2030 remains focused and cranes still hover over high profile projects, the emirate’s development community is starting to see signs of a shift in the supply-demand equation as long-awaited projects near completion. Abu Dhabi’s strong regional position, supported by various fiscal measures and stimulus packages, is on a steady footing compared to its nearest neighbour, but nonetheless has experienced some of the same aftershock. The latest market reports from a number of leading property consultancies state that, although Abu Dhabi is in a somewhat enviable position, it suffered from weakening demand in its commercial and residential sectors in 2009 as part of the global downturn. CBRE’s Market View report for Abu Dhabi for Q4 2009 stresses
that although last year was characterised by the continued impact of the financial crisis, the emirate saw two major confidence-boosting
milestones with the hosting of the inaugural F1 Abu Dhabi Grand Prix and the opening of the ten-lane Saadiyat Bridge and Expressway. According to the report, the launch of the Saadiyat link ‘not only vastly
improved connectivity in the emirate, but also reflects the government’s on - going commitment to proceed with planned infrastructure developments for the island, amidst a backdrop of domestic and international challenges.’ The attractiveness of Abu Dhabi to investors is also highlighted in a report
by Dubai-based Investment Boutique (IB). The report, ‘Abu Dhabi: State of the Market 2010’, states: ‘Attracted by its sound financial status, propensity to attract blue chip partners and undersupply of Grade A real estate required to support its Plan Abu Dhabi 2030, international developers, financiers and investors have exhibited sustained interest in the local real estate market.’ One of the largest property developers in the emirate, Aldar Properties,
has already shown its mettle with the delivery of several projects including Al Raha Gardens and both hospitality and leisure facilities on Yas Island.
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/apr-may 2010
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