The real estate market in UAE is growing with revival in Dubai property market. Now Abu Dhabi real estate market has observed a growth of 17 percent in first six months of 2014. The increase in property sector is because of Government related investment and new job opportunities from Government backed projects like Airport Expansion, Etihad Rail, Saadiyat Island museums and other major development initiatives.
The total numbers of residential units in Abu Dhabi are around 24,000 after inclusion of 1,750 units completed in Reem Island, Danet Abu Dhabi and Al Reef. The removal of rental cap has brought prices in line with market. Now the 2 bedroom apartment is AED 150,000 that is 3 percent higher.
Dubai property market has seen a lot growth from past 6 months and a lot investment in real estate sector. Similarly in Abu Dhabi, There is now demand for new supply of residential units. Commercial property rates remained constant , but it is expected that vacancy rates for office space in Abu Dhabi to grow to 30 percent. However, there is no change in office space rent in the first half of the year.
According to Gulf News, store retails rents for malls in Abu Dhabi remained stable. There is an additional 20,000 gross leasable area came online in second quarter. After completion of Yas Mall on Yas Island there will be additional 400,000 square meters is expected to enter in the market.
The real estate sector continues to see revival that brings a lot of good opportunities for buyers and sellers.
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