Affordable housing on agenda

Abu Dhabi: Cityscape Abu Dhabi- 2009, a four-day annual property exhibition, got under way at the Abu National Exhibition Centre on Sunday.

The show brings together a slew of international and regional investors, real estate developers and government authorities to discuss the current market challenges and strategies to tackle them.

The event was opened by General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. Shaikh Mohammad toured the exhibition and was briefed by exhibitors about their developments.

More than 40 companies are participating in Cityscape Abu Dhabi - 2009.

"It's a forum where we are going to meet potential investors, partners and buyers for our residential and commercial projects," Osama Ganoum, a senior executive of Aldar Properties, Abu Dhabi's largest property developer by market capitalisation, told Gulf News.

"Some of the developers are offering affordable housing for all levels of income, this is an important development, as earlier, we were only seeing announcements about high-end property developments," a Sorouh Real Estate executive said.

Ganoum said there are several banks and finance houses which are offering loans to potential buyers, which should spur buying interest in the various developments in and around Abu Dhabi city and the emirate.

Abid Junaid, Managing Director of Ascon Group said he expects this year's Cityscape in Abu Dhabi to reinforce consumers' confidence in the property sector and provide an impetus for the revival of the sector.

Abu Dhabi is in a strong position to capitalise on the relative weakness of other markets facing the uncertainty and turmoil resulting from a global economic crisis. The emirate has the world's largest sovereign wealth fund and has long-term plans for continued real estate and infrastructure development.

This year's Cityscape is the third in Abu Dhabi since it was launched in 2007. It's going to be 32 per cent bigger than the 2008 edition, covering a gross area of more than 38,000 square metres.

Jones Lang LaSalle's managing director for the Middle East and North Africa (MENA) region Blair Hagkull said last week this year the market is much more focused on the fundamentals and the intent of this year's Cityscape is more focused on relationship marketing.

"We don't expect anything like the lineups of last year. This is consistent with the real estate marketing in mature markets," said Hagkull.

New projects, including one by Aldar, will be announced at the exhibition.