UAE | Housing & Property
Prices are highest they've even been - consultant
'More and more people coming and less and less housing available'
- By Marten Youssef, Staff Reporter
- Published: 23:37 May 10, 2008
- Economists would say the price increase is a reflection of demand being greater than supply, but in laymen's terms no one saw this coming.
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Abu Dhabi: Accommodation is scarce and prices are the highest they have ever been, says property consultant Tamara Trinka. For the past 14 years Trinka has been a resident in the UAE and she has seen the prices skyrocket mostly in the past two years.
"There was already a shortage of housing two years ago, but we started to see it mostly in the past year as a huge influx of expatriate workers arrived here," Trinka says.
However, Trinka does think the situation will improve.
"It will not be for another two years that the supply will start to match demand. Until then, we just have to ride this wave out."
Economists would say the price increase is a reflection of demand being greater than supply, but in laymen's terms no one saw this coming. "It's impossible to go back in time and make sure that the amount of people coming in equals the housing available. When people call me from oversees regarding property I tell them two things: make sure you have a large housing allowance and your children are guaranteed admission into a school," Trinka says.
To accommodate the ever-growing shortage, villas have been divided into several units that can take more people.
"The situation is that people are not leaving. This is a great place to live so we have more and more people coming with less and less housing available. We really feel for our clients because of their situation," Trinka adds.
The Abu Dhabi Chamber of Commerce estimated last November that 2008 would see a shortage of 13,000 units. This shortage has transpired in hotels being fully booked and even turned into resident suites.
Out of desperation, many young families are seeking studios and one-bedroom apartments.
"We hardly see those any more. They just don't come around," she said.
The economic boom in Abu Dhabi has brought with it hundreds of thousands of foreigners eager to enjoy the luxurious lifestyle. But the unexpected housing shortage has created a greater problem among ordinary people.
The situation is that people are not leaving. This is a great place to live..."
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