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
 Mar 27 2015 - Coalition conducts 17 airstrikes against ISIL in TikritKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Coalition operations in support of Iraqi Security Forces in Tikrit commenced last night after a request from the government of Iraq, the Combined Joint Task Force ...

 Mar 27 2015 - Britain to train moderate Syrian opposition in TurkeyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Around 75 British military personnel are to be sent to Turkey and other countries in the Middle East region as part of a US military led program to train moderate ...

 Mar 27 2015 - KDIPA chief concludes successful visit to JapanKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Director-General of the Kuwait Direct Investment Promotion Authority (KDIPA) Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah left here Friday after a successful ...

 Mar 27 2015 - 5 airstrikes hit ISIL targets in Syria, 24 in IraqKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The US-led coalition continued to strike ISIL targets in Syria and Iraq, with a total of 5 airstrikes in Syria and a separate 24 in Iraq between 8am on March 25, ...

 Mar 27 2015 - Latest air coalition strikes target strongholds in northern, southern YemenKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Military aircraft of the 10-nation coalition intensified strikes on military positions in Yemen over the past hours, military sources confirmed.The sources said ...

 Mar 27 2015 - Saudi military command announces success of 1st phase of "Decisive Storm"Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Saudi Military Command of "The Decisive Storm Operation" said Thursday the first phase of the operations in Yemen was "fully successful." The targets ...

 Mar 27 2015 - Iraqi army succeeding in pushing back ISIL - US armyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Iraqi Security Forces (ISF) launched "successful counterattacks" against the Islamic State of Iraq and the Levant (ISIL), which prevented the group from ...

 Mar 27 2015 - More air raids hit Houthi targets in YemenKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Saudi-led coalition on Thursday night launched a new wave of airstrikes against targets of the Houthi rebels and the troops loyal to Yemen's ousted president ...

 Mar 27 2015 - Kuwait's 1st int'l triathlon tourney to begin SaturdayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The first Kuwait international triathlon tournament will be held on March 28 with participation of 100 triathletes from 15 countries.Member of the Kuwait ...

 Mar 27 2015 - Airstrikes on Houthis to ensure Yemen security, say Arab statesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Arab states taking part in a military coalition strikeforce against Houthi rebels in Yemen have said it is aimed at ensuring their national security as the West ...

more...


 






Google

Internatinal Property Show

 
 

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