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Only 719 new homes were delivered across Abu Dhabi during the first quarter of the year, adding up to an already limited supply situation in the emirate’s property market. Some respite could come from the anticipated 4,000 additional units that are due for delivery at the end of the year, according to projections by JLL, the consultancy.
Another 13,000 units are projected for handover in the next two years. Helping the supply situation would be Aldar's latest mega project, the Dh6 billion Yas Acres, and its 1,000 plus villas.
The upcoming units would be located within Danet Abu Dhabi, Reem Island and Saadiyat Island. Of the deliveries made in the first three months were the Amwaj 2 in Al Raha Beach, Al Falahi Tower in Danet Abu Dhabi and The Wave Tower on Reem Island, JLL notes. These raised Abu Dhabi’s total residential stock to around 246,000 units.
Abu Dhabi’s new real estate regulations “will provide a better regulated market, improving transparency and protecting consumers and investors over the longer term,” JLL reports. But “Tighter regulation of developers will impact supply growth.
“While this will help reduce oversupply in the current period of weaker demand, it is important that the market does not become overly regulated. Healthy levels of future supply are required to keep rents and prices competitive, provide choice to investors and drive demand growth.”
Source: Staff Report, gulfnews.com