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Abu Dhabi Property Values to Keep Rising
DUBAI — Property values in Abu Dhabi will keep rising in the short-term despite dire global economic conditions that are slowing down the UAE property sector, Citigoup said. 'Abu Dhabi is able to finance and ultimately purchase all of its current projects in progress,' said Citigroup in its recent research.
UAE, the second largest Arab economy after
Unlike
Current supply shortages for prime office space saw rents soaring 40 per cent in 2005-2006, 10 per cent in 2006-2007 and 14 per cent in 2008.
“Even with steep rent increases, the average prime rates are competitive on a global playing field.
It added that the supply coming to the market could actually generate further demand as many companies may have previously put at bay expanding in
On the other hand, supply in the residential segment will only begin to exceed demand by 2012.
“No incremental demand is needed to soak up oncoming supply of residential units given unsatisfied pent-up demand. “
Citigroup said the current oversupply and growing population which resulted in recent years to extremely low vacancy rates, high rental growth and high price increases, will continue to boost rents and sales in the residential sector.
Even new retail space will also enjoy solid take-up as existing stock continues to age.
Citigroup noted that under the “Plan Abu Dhabi 2030” which outlines its development framework,
Besides, the retail market is fuelled by national spending power as opposed to tourist flows in
“
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