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The availability of data about the demand and supply is key towards ensuring that the real estate market continues to grow. However, such information about the emirate of Abu Dhabi has only been 75 per cent accurate till date.
A new database now seeks to enhance the precision, veracity and management of real estate data. Launched recently by the Urban Planning Council (UPC), Abu Dhabi emirate’s urban planning authority, it is expected to be available to policy makers, developers and market players by the end of 2016.
“This is a key milestone for the Abu Dhabi real estate sector. The database builds on the strong foundations for data collection already in place by deepening the level of data shared and the frequency of collection,” said Falah Al Ahbabi, Director-General at the UPC. He added that the project would drive up data accuracy by up to 95 per cent.
At a press conference held to announce the initiative, a total of 20 prominent developers, including Aldar, Reem Investments and Tamouh, signed an agreement to share a greater level of detail about their projects. Officials confirmed that the UPC has also met with key government stakeholders, including the municipalities, the Department of Transport and the Statistics Centre Abu Dhabi. The database will include details about commercial, residential, retail and hospitality units.
A typical database entry from a real estate company will include data such as land area uses, start and completion date, construction status, area of the plot and cost. More detailed information will then be requested on how exactly the project is divided up between commercial, residential and retail purposes.
More on real estate database here.
Source: Samihah Zaman, Staff Reporter, Property Weekly