Abu Dhabi residential sector gets boost
With the National bank of Abu Dhabi predicting a shortfall of 20 000 homes by the end of 2010 just a few weeks ago, it may come as no surprise that one developer has seen & seized upon the gap in real estate in the UAE. The NREC (a Kuwait development company), earlier this week announced a Dh1.2 billion residential development for Abu Dhabi.
Residential properties for sale in Abu Dhabi have been in short supply, although mortgage lending terms are seen as being better than that for property in Dubai. The development, called Carina views, is a four tower residential project surrounded by lush landscape and elevated gardens, & is aimed at middle income professionals and expats.
With the current low interest rates and construction costs, developers are once again beginning to awaken to the opportunities that exist, & the company are expecting a growth of 4% in Abu Dhabi’s economy this year. Having shown some degree of resilience to the global crisis, and with new legislation being drawn up to further protect investors, Abu Dhabi’s profile is growing taller as you read.