Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Abu Dhabi housing shortfall set to climb  Join our daily free Newsletter

MENAFN - Khaleej Times - 08/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The emirate is facing a rise in demand for housing by six per cent year-on-year with an additional demand of 15208 units in 2014 according to colliers.

abu dhabi’s housing shortfall would escalate to 51000 units by the end of this year a report said.

at the end of 2013 the fast expanding emirate saw total housing stock reaching 232000 units says colliers international a leading property advisory firm.

colliers’ report showed that abu dhabi’s demand for housing would reach 360000 units in 2018. — kt file photo

according to a report from another property advisory firm jll residential stock increased by around 1700 units in the first quarter of the year bringing the total stock to around 238000 units.

however an estimated 9000 housing units are expected to enter the market this year to reach total housing supply to 241000 against a demand of 290000 housing units says colliers international.

the emirate is facing a rise in demand for housing by six per cent year-on-year with an additional demand of 15208 units in 2014 according to colliers.

it estimates that abu dhabi’s demand for housing would reach 360000 units in 2018 growing at three per cent cumulative annual growth rate as growth in economy will pick up and population increase would continue growing at 5.5 per cent annually.

it also estimates that office employees would rise five per cent year-on-year.

the property advisory firm estimated a shortfall of 119000 housing units in 2018 as the demand is expected to reach 360000 units.

abu dhabi’s real estate market is to experience a strong demand over the short to medium term as the economic and population growth continues.

colliers estimates 44000 units to enter the residential supply in the coming five years.

the removal of the rent cap in abu dhabi is likely to further contribute to an upward trend in rentals making it more lucrative investment in terms of returns.

foreign ownership of residential units are currently limited to high-end waterfront developments with the exception of al reef and hydra. this limitation in abu dhabi’s residential market creates an opportunity for developing affordable housing within the emirate.

rents grew 12 per cent year-on-year in 2014. in the fourth quarter of last year rental values went up by nine per cent. the area which witnessed high growth in rents includes the localities of al raha al reem island and corniche.

in terms of sales prices a growth of nine per cent has been reported.

in order to meet the rising demand for housing just before the cityscape abu dhabi 2014 aldar properties launched three new housing projects in and around abu dhabi with sales value estimated at dh5 billion.

it offered registration at the property show three projects of which two will be located in the investment zones of al raha beech and ansam on yas island while the third one will comprise of residential plots on nareel island located five minutes away from emirates palace is exclusively for the uae nationals.

a total of 1000 units would be added in two years though all in posh segment.

according to colliers survey 40 per cent of the cumulative supply targets the high-end market.

— haseeb?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Nov 26 2014 - Emirates Airlines adds new flight to Maldives routeMENAFN
(MENAFN) Dubai's Emirates Airline announced it has added a third daily service to Mal", the capital of the Maldives, which will begin servicing passengers on December 1, Arabian Business reported.The ...

 Nov 26 2014 - Abu Dhabi Int'l passenger traffic up 17 percent in OctoberMENAFN
(MENAFN) Abu Dhabi International Airport announced that it registered an increase by 17 percent in its passenger in October, Arabian Business reported.The airport said that it has registered a total ...

 Nov 26 2014 - Oman's Rolls-Royce sales grow 46 percent in Jan.-Oct.MENAFN
(MENAFN) Rolls-Royce Motors announced it has registered an increase in its sales in Oman by 46 percent during the January-October period, compared to the same period last year, Times of Oman ...

 Nov 26 2014 - GCC petrochemical industry to decline on falling oil pricesMENAFN
(MENAFN) Gulf countries' petrochemical industry is expected to begin facing challenges due to the falling of oil prices, US shale gas and China's polyethylene, Khaleej Times reported.These factors ...

 Nov 26 2014 - Syrian economy decline 40 percentMENAFN
(MENAFN) According to the Undersecretary General for Humanitarian Affairs and Emergency Relief Coordinator, Syria's economy has declined by almost 40 percent since 2011, due to the effects of the ...

 Nov 26 2014 - Qatar to invest USD43.62b on railways infrastructureMENAFN
Qatar's Ministry of Transportation announced it is currently working on the development of advanced transport infrastructure in the country, with several projects currently in the planning stages or ...

 Nov 26 2014 - Dubai's Kcal to expand to EgyptMENAFN
(MENAFN) Kcal, the Dubai-based restaurant chain announced it is planning to expand its business in the MENA region with its first store slated to open in Egypt by December this year, followed by 14 ...

 Nov 26 2014 - MENA's value of M&A deals hit USD9.3b in Q3MENAFN
(MENAFN) The Middle East and North Africa's (MENA) merger and acquisition activity increased by 17 percent during the July-September period of this year, with 109 deals announced compared with 93 ...

 Nov 26 2014 - UAE's Al Futtaim to invest USD700m in EgyptMENAFN
(MENAFN) Al Futtaim Group, the Dubai-based Corporation, announced it is planning to invest USD700 million in Egypt in a three-year period as well as pay the government USD30.5 million as part of a ...

 Nov 26 2014 - Banta, Pangatungan Defeat Kuwait SteelArab Times
(MENAFN - Arab Times) Banta Furniture survived Kuwait Steel's last ditch rally to finish with a pulsating 69- 66 victory in game five on Friday at the PBLK intercompany and 5'8" basketball ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help