Developers witness early success at ninth edition of Cityscape Abu Dhabi
Abu Dhabi, UAE, 22 April, 2015: New governmental real estate laws are vital in ensuring a sustainable property market in Abu Dhabi, say 61% of industry experts at the 9th edition of Cityscape Abu Dhabi.
With JLL revealing in its latest quarterly report that market conditions in Abu Dhabi during Q1 2015 remain stable, an exclusive survey conducted at the Abu Dhabi Market Overview Forum yesterdayshowed that 50% of participants believe the real estate market will continue to grow at a steady rate.
Driven by the demand, limited quality supply and the removal of the rental cap, prime residential rents have increased by 4% for the first three months of the year, further highlighting the measured growth of the market.
Jointly organised with JLL and supported by Masdar City, the Abu Dhabi Market Overview Forum took place for the second-year running, with a panelist of experts discussing the sustainability of the Abu Dhabi real estate market.
Taking place until tomorrow (23 April), the three day event 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, and has welcomedmore than 130 international and regional developers spanning 18,000sqm of exhibition space.
The Abu Dhabi Urban Planning Council (UPC) took centre stage on the opening day of the show, revealing 22 detailed project approvals which cover just under 700,000 sqm of GFA (gross floor area).
Mohamed Al Khadar, Executive Director, Urban Development andEstidama Sector, Abu Dhabi Urban Planning Council said: “We agree with JLL’s survey results in regards to the new government laws, which will have a great effect on the market and its overall stability.
“The opening day of Cityscape Abu Dhabi has been very busy and overall a great success. We have launched our new vision, mission and values for our internal strategyfrom 2015 up to 2020, in addition to revealing 22 projects that have received detailed approval from the UPC.”
Further highlighting the positive investor sentiment in the exhibition hall, Wahat Al Zaweyawas one of the many developers to launch a new project at three-day show, revealing their eco-friendly Aryaf villa development.
Khaldoun Mohamad Saleh, General Manager, Wahat Al Zaweya said: “The real estate market is currently booming and the residential market, specifically, is at its best this year, which is noticeable all over the exhibition floor. We are very glad to be here and look forward to taking part again in this wonderful exhibition.
“Cityscape Abu Dhabi 2015 has started off well for us and we have received lots of inquiries and sales from potential and existing clients already. The event has provided us with the perfect opportunity to launchour new development Aryaf.”