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Reem Investments, the Abu Dhabi-based master developer, said it has seen a slowdown in demand for residential property in the fourth quarter of 2015, during which falling oil prices weighed heavily on investor sentiment.
Saeed Al Yabhouni, vice-president of strategic development at Reem Investments, told reporters on Tuesday that despite the slowdown last year, he expected the market to see a boost in 2016 on the back of the latest property law.
The new law, number 3 of 2015 that regulates Abu Dhabi’s real estate sector, took effect from January 2016, and Al Yabhouni said he expected the law to boost investor sentiment in terms of both buying and developing activity.
Reem Investments is set to launch 42 villas for sale this year as part of phase one of its Dh25-billion Najmat Abu Dhabi project.
The comments echo a similar sentiment from Aldar Properties, another Abu Dhabi-based developer. On Monday, Talal Al Dhiyebi, Aldar’s chief development officer, said that the company has seen “a slowdown in the broader market over the last three months.”
“We’re conscious of market conditions and will price accordingly. We are confident that demand will remain strong for high quality products, which we are focusing on,” Al Dhiyebi told Gulf
Source: Sarah Diaa, Staff Reporter, gulfnews.com