Abu Dhabi's real estate sector 'to improve this year'

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Abu Dhabi's real estate sector 'to improve this year'

02 Feb 2010

Abu Dhabi's real estate sector will have a positive 2010 on the back of improving economic conditions in the state, it has been forecast.

According to a report by property consultancy CB Richard Ellis (CBRE), high oil prices will help Abu Dhabi's economy stabilise – with a knock-on effect predicted for the real estate sector.

CBRE added that the last three months of 2009 saw a slight improvement in the market with sales volumes on the increase, reports Dow Jones.

But it added that it would be some time before the market came close to matching the peak period of early 2008.

"The key challenge now is for developers to ensure the delivery of residential units on schedule," the report said. "The attractiveness of developments is now viewed as strongly correlated to their actual delivery."

In December, Jessica Downs, director of research and advisory services at Landmark Advisory, told Emirates Business that property prices in Abu Dhabi may slightly increase in 2010 once various property developments are completed.
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