Abu Dhabi Realty Remains Strong: Expert
ABU DHABI - Abu Dhabi’s property market remains strong despite the global financial downturn, according to Rohan Marwaha, managing director of the Cityscape series of international property shows and conferences.
“You have to compare Abu Dhabi to other international cities in terms of the extent to which they are on the radars of institutional investors and high net worth individuals, Marwaha said in a statement giving the details of the Cityscape Abu Dhabi to be held here from April 19 to 22. “Abu Dhabi still is a very strong proposition and has a lot of growth to go through. The spotlight has turned on Abu Dhabi as an emerging cultural capital focused on developing visionary projects based on modern architecture and sustainability.’’
“With the global credit crisis, investors are naturally cautious about where to focus. Abu Dhabi, with multi-billion dollar long term plans for continued infrastructure development, is providing the world with remarkable opportunities that simply do not exist elsewhere,” he added. “What is becoming clear in the new global economic climate is that Abu Dhabi, is fast establishing itself as a beacon of cultural renaissance as well as a focus for futuristic, sustainable residential and commercial habitats.”
Abu Dhabi’s cultural focus is centred on the Saadiyat Island development which includes the first branch of the Louvre outside of Paris and the world’s largest Guggenheim Museum.
“Saadiyat Island’s cultural district is on track to be completed on time, with construction of the Louvre, Guggenheim and Shaikh Zayed National museums scheduled to start this year. No no delays are expected in their progress.”
The dramatic Frank Gehry designed Guggenheim Museum in Abu Dhabi will be the largest Guggenheim at 30,000 square metres and is being built at an estimated cost of $400 million.
The Louvre Museum planned for Abu Dhabi is designed by French architect Jean Nouvel who was awarded the 2008 Pritzker Prize for his creative experimentation. Saadiyat Island’s cultural district is one of the emirate’s planned anchor tourism attractions and is expected to attract 1.5 million visitors a year once fully completed by 2018 and will be home to around 160,000 people. When the project was first announced, the island was expected to attract investment of more than $27 billion.