All roads lead to the Capital
abu dhabi — The 11th edition of Cityscape Abu Dhabi opened its doors on Tuesday to thousands of local, regional and international visitors who flocked to the capital’s largest real estate event to meet more than 100 exhibitors and see a host of new project launches.
The three-day property exhibition comes as new market research reveals that the UAE is the most appealing country to invest in real estate in the Middle East. Figures from a new YouGov survey, commissioned ahead of Cityscape Abu Dhabi, revealed that 88 per cent of home buyers, individual investors and institutional investors believe the UAE is the most appealing country to invest in real estate in the region, followed by Qatar (four per cent).
Return on investment (81 per cent), capital appreciation (78 per cent) and the availability of multiple options (78 per cent) appear to be the main drivers behind the UAE’s appeal.
Taking place from April 18 to 20 at Abu Dhabi National Exhibition Centre (Adnec), Cityscape Abu Dhabi is held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
With 3,100 residential units completed in Abu Dhabi last year, predominantly within Reem Island, Saraya, Danet and Rawdhat, the total property stock reached 248,000 units in the capital.
David Dudley, head of Abu Dhabi office, JLL, said a significant proportion of the 5,000 units scheduled for completion this year may face some delays in the final stages of approvals and handovers, in order to alleviate and measure supply and demand.
Dudley said: “There are signs of 2017 and 2018 supply completions being higher than 20152016. We expect that as market conditions start to improve in Dubai and government spending returns to Abu Dhabi, the market will head back towards recovery and it will be important for supply completions to remain balanced.”
More than 100 exhibitors are out in full force this week at Cityscape Abu Dhabi showcasing their latest developments and offering discounts and promotions to visitors of the exhibition.
The Abu Dhabi Urban Planning Council (UPC) revealed that a number of mosques, parks, playgrounds and sports facilities will be developed across Abu Dhabi as part of their initiative for the Year of Giving, while Wahat Al Zaweya Company for Investment and Real Estate Development launched 400 pieces of land for UAE nationals.
Lynnette Abad, partner at Property Monitor, said: “While the rate of decline in Abu Dhabi residential prices has slowed in comparison to last year, the market is expected to remain under pressure from the fallout of redundancies and oil price movement.
“Communities with established infrastructure, amenities and locational advantages have fared better and these factors are expected to drive demand in future as well. Also, an interesting shift in Dubai market this year is the entry of residential options at lower price points.”