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New governmental real estate laws are vital for ensuring a sustainable property market in Abu Dhabi, said 61 per cent of industry experts at the recent edition of Cityscape Abu Dhabi.
With JLL revealing in its latest quarterly report that market conditions in the capital during the first quarter remained stable, an exclusive survey conducted at the expo’s Abu Dhabi Market Overview Forum showed that half the participants believe the real estate market will grow at a steady rate.
Driven by demand, limited quality supply and the removal of the cap, prime residential rents have increased by 4 per cent in the first three months this year, further highlighting the measured growth of the market.
“We agree with JLL’s survey results [with] regard to the new government laws, which will have a great effect on the market and its overall stability,” said Mohamed Al Khadar, Executive Director of Urban Development and Estidama at the Urban Planning Council (UPC).
Around 81 per cent of Abu Dhabi-based developers launched new projects at Cityscape, including major ones by UPC, the Department of Municipal Affairs, Tourism Development and Investment Company, Zaya and Al Forsan Real Estate.
Held under the patronage of Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the event brought together more than 130 international and regional developers and was held across a massive 18,000-sq-m exhibition space for three days.
Source: Property Weekly