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Abu Dhabi rents, property prices may fall

Staff Report / 26 May 2011

ABU DHABI The Emirate of Abu Dhabi may see some fall in rentals and property prices, a penal discussion organised by Institute of Chartered Accountants of India (ICAI) in the capital was told.

The institute panel held recently discussed the various aspects of the real estate sector in the country with particular emphasis on Abu Dhabi and Dubai.

Addressing the audience, Nicholas Maclean, CB Richard Managing Director, said: “Prices have hit the rock bottom in Dubai for some properties and one should expect the prices to rebound. However, prices and rentals may fall.”

Other speakers also agreed with him that Abu Dhabi may yet see some fall in rentals and price of properties.

The panelists addressed a number of questions starting from what created the real estate crisis, how lack of liquidity increased the impact of the crisis, legal aspects relating to ownership of the property, status of foreclosures and developer and individual legal rights.

They agreed that the geopolitical crisis in the region is resulting in increase in demand for properties in the UAE and the banks are attracting liquidity from the region.

George Najem, Deloitte & Touche Principal stated that accounting for properties over the years “in terms of revenue recognition and investments has improved and acceptable accounting norms are being followed by many of the larger developers in Abu Dhabi”.

Another speaker, Richard Amos, CFO of Sorouh Real Estate, expressed hope that the Abu Dhabi Government will continue to support the development of Abu Dhabi on the lines of the 2030 plan “and thus in a long run, the sector is bound to recover”.

The chief guest of the event was Hilmi Ghosheh, Chief Development Officer of Ascorp Holdings, who gave a quick overview of why the real estate sector went through times and he expressed hope that in the future of the sector looks stable and positive.

The Abu Dhabi Chapter of ICAI, founded in 1984, has over 600 members in industry and the profession. This was the third time in three years that the chapter had organized a high profile panel discussion. The earlier panel discussions were on topics “Role of CFOs in Crisis” and “Banking in Crisis”.

The 61-year-old ICAI is the second largest accounting body in the world, having 160,000 members in India and abroad. nissar@khaleejtimes.com

 
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