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21 April 2024

Realty projects worth Dh350bn in Abu Dhabi

By Staff Writer



Real estate companies in the UAE capital have announced property projects worth more than Dh350 billion since 2005 when the emirate opened up its property sector.

According to Antoine Georges, Director of Dome Exhibitions, the organisers of Abu Dhabi Real Estate and Investment Show (IREIS 2008), the city’s real estate and property market is expected to achieve rapid and significant growth in the coming years.

Citing the projections of “Plan Abu Dhabi 2030” unveiled by the Government of Abu Dhabi, he said the city’s population will cross three million in about 25 years. “With this growth in population, coupled with the emirate’s dynamic economic growth that is under way, the search for housing and commercial solutions for the future will certainly result in a booming real estate market in the foreseeable future,” he added.

Major master-planned property projects unveiled in Abu Dhabi include Reem Island (Dh35 billion), Saadiyat Island (Dh100 billion), the Al Raha Beach Development (Dh54 billion) and Danet Abu Dhabi (Dh34 billion).

IREIS 2007, held this year, had 52 exhibitors taking part occupying an area of more than 6,500sqm. This marked a 100 per cent increase over exhibit space from the 2006 edition.