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
 Apr 28 2015 - Qatar- HH the Emir Congratulates Sudanese PresidentQatar News Agency
(MENAFN - Qatar News Agency) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Monday sent a cable of congratulations to President Omar al-Bashir on the occasion of his re-election as president of the ...

 Apr 28 2015 - Saud Al-Haqbani crowned with title of American International Challenge Tournament for TennisSaudi Press Agency
(MENAFN - Saudi Press Agency) Saudi team tennis captain under 14 years old player Saud Al-Haqbani was crowned with the title of The International Challenge Tournament, which concluded its ...

 Apr 28 2015 - Saudi- NAUSS Organizes 'Care and Counseling Role Facing Takfiri Thought' ForumSaudi Press Agency
(MENAFN - Saudi Press Agency) The Scientific Forum on 'Care and Counseling's Role in Facing Takfiri Thought' started its works, whereas it is being organized by the Faculty of Social and ...

 Apr 28 2015 - EGP 1.6tn deposits in banks: NBE chairmanDaily News Egypt
(MENAFN - Daily News Egypt) The total deposits in the banking sector amounted EGP 1.6tn, and the funding size increased to EGP 640m, Hisham Okasha, chairman of the National Bank of Egypt (NBE) ...

 Apr 28 2015 - Palestinian youth dies of injuries in JeninJordan News Agency
(MENAFN - Jordan News Agency) A young Palestinian succumbed Tuesday to wounds sustained during clashes with Israeli forces late on Monday in al-Araqa village in western Jenin.Palestinian sources said ...

 Apr 28 2015 - Capital market sheds EGP 7bnDaily News Egypt
(MENAFN - Daily News Egypt) The series of losses for the Egyptian Stock Exchange (EGC) continued for the second consecutive trading day, with the market losing some EGP 7bn. The preceding day the ...

 Apr 28 2015 - Hyundai Verna most sold car in EgyptDaily News Egypt
(MENAFN - Daily News Egypt) The Hyundai Verna was the most sold car in Egypt in January and February after achieving sales of EGP 338m. More than 4,000 cars were sold.The Verna is considered the ...

 Apr 28 2015 - Political situation in Arab world reflects negatively on job opportunities: ministerJordan News Agency
(MENAFN - Jordan News Agency) Labor Minister Nidal Qatamin said that the political situation in Arab countries, especially those that witnessed the so-called Arab Spring and which caused the economic ...

 Apr 28 2015 - Syria Bands Rock Beirut Music SceneArab Times
(MENAFN - Arab Times) Syrian rock bands fleeing war are finding safety and new fans in neighbouring Lebanon, where they are revitalising a Westernised scene with their focus on Arabic musical ...

 Apr 28 2015 - Egypt- Qalaa Holdings hires CI Capital to exit Tanmeyah firmDaily News Egypt
(MENAFN - Daily News Egypt) EGX listed Qalaa Holding has assigned CI Capital as advisor on the possibility of fully exiting its investments in Tanmeyah Micro Enterprise Services, the company ...

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