UAE- New real estate database strengthens urban planning foundations
Date
10/13/2015 8:52:40 AM
(MENAFN- Emirates News Agency (WAM))
ABU DHABI 13th October 2015 (WAM) -- Abu Dhabi's urban planners are undertaking the next phase of its data collection and information sharing strategy by creating a cutting-edge database of the capital's real estate developments in a bid to further enhance future land management.
At a charter signing ceremony today the Abu Dhabi Urban Planning Council UPC received formal commitments from 19 leading land developers to provide an even greater level of detail on their completed and ongoing projects which builds on the existing data sharing agreements resulting from the strong working relationships the UPC has built with the emirate's many developers over the past eight years.
The information will enable the UPC to build and oversee a comprehensive Real Estate Data Management database on Abu Dhabi's commercial retail hospitality and residential supply and demand. This real-time information will be used to reconfirm the land use projections in the UPC's plans along with the many research reports that the UPC has been working on to fine-tune the existing supply and demand data currently utilised.
From it they will be able to compile more detailed land use reports and projections and provide frequent data updates to decision makers on the status of Abu Dhabi's real estate sector to hone Abu Dhabi's journey towards Vision 2030.
"This is a key milestone for the Abu Dhabi real estate sector. The new database builds on the strong foundations for data collection already in place by deepening the level of data shared and the frequency of collection. Seeing 19 of the emirate's key developers work together is indicative that the real estate community understands the mutual benefit of collaboration" said Falah Al Ahbabi Director General UPC.
"Working with our partners in the real estate sector the database will combine every aspect of development in the emirate shops restaurants hotels apartments villas factories and more into one central data source" he added.
At the signing ceremony at the Rosewood Hotel Abu Dhabi real estate heavyweights including Aldar Properties Mubadala Real Estate and Infrastructure Al Qudra Holding Masdar and National Investment Corporation signed a formal charter with the UPC agreeing to share more detailed and wide-ranging information on their portfolios.
In a typical example a real estate company will list the basic details of a project including its land area uses start and completion date construction status land area and cost. More detailed information will then be required on how exactly the project is divided up between various uses be they commercial residential retail or others.
WAM/Ahlam/Moran