Over 2,800 residential units delivered in Abu Dhabi in Q1 

(MENAFN - Khaleej Times) More than 2,800 additional residential units were delivered in Abu Dhabi during the first three months of the year, while many more are in the pipeline, says a property advisory firm Jones Lang LaSalle in its latest report, creating an over-supply like situation.


These included additional units within Al Zeina and Al Muneera on Raha Beach, St Regis Apartments on Saadiyat Island, apartments on Rawdhat and four towers on Marina Square, bringing total residential stock to approximately 196,900 units at the end of Q1 2012.

Up to 23,900 units are scheduled for completion in 2012 but it is expected that many of these projects will experience further delays at the final stage of approval, said Jones Lang LaSalle, a property advisory firm in its report on Abu Dhabi. It said "approximately two thirds of the upcoming supply is apartments with the majority of the upcoming villa supply being within Emirati housing communities such as Al Falah and Watani." The supply that is due to be delivered during 2012 is mainly comprised of additional units at master planned developments including Reem Island, Al Reef Villas, Danet, Saadiyat Island and Rawdhat.

Upcoming supply also includes units in Nation Towers on the Corniche, Al Bateen Park development, Marasy in Bateen, and Rihan Heights in the Grand Mosque District, it said.

Although a large proportion of the residential pipeline announced prior to 2008 has since been delayed, the aggregate supply could still reach 236,700 units by the end of 2014. "The completion of new high-end apartment buildings will improve options for higher income residents and increase vacancies in lower grade assets as tenants upgrade," Jones lang LaSalle said.