UAE | Housing & Property
Abu Dhabi expected to face shortage of housing and commercial space
Residents of Abu Dhabi are likely to face a continued shortage of housing and commercial space as the UAE's largest emirate registers strong economic growth, an official said here yesterday.
- By Mohammad Ezz Al Deen, Staff Reporter
- Published: 00:00 April 10, 2007
Abu Dhabi: Residents of Abu Dhabi are likely to face a continued shortage of housing and commercial space as the UAE's largest emirate registers strong economic growth, an official said here yesterday.
The UAE capital is fast diversifying its oil-dependent economy by investing in property, tourism, aviation and industrial sectors.
"Abu Dhabi started developing its economy heavily with massive projects to release pressure on real estate, but until 2010 the emirate will not be able to meet the demand it faces due to the lack of units in the short term," Andrew Chambers, managing director of Asteco, told Gulf News.
Abu Dhabi's property market offers a huge investment opportunity for both developers and consumers. "Of course, Dubai is the UAE's biggest market, but Abu Dhabi market will grow rapidly in the next few years supported by the huge demand," he added.
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