Abu Dhabi 'can lead recovery in property market'

16/02/2010 - Northern Emirates Property & Investment News
Abu Dhabi 'can lead recovery in property market'
Posted by Neil King

Abu Dhabi has the potential to lead a regional recovery in the property and real estate market in the medium to long term, according to industry experts.

The prediction was made during the Cityscape Connect Business Breakfast briefing in Abu Dhabi which attracted over 120 real estate professionals.

Gurjit Singh, chief operating officer of Sorouh Real Estate, said that the development of major infrastructure projects would lead to growth in the Abu Dhabi real estate market.

He suggested that heavy and light rail projects, the building of four nuclear power stations and continued growth in the convention and exhibition business were major job creators that would lead to a resurgence in the real estate sector.

Elsewhere, Masood Al Awar, chief executive officer of Taskweek Real Estate Development and Marketing, predicted more stability in pricing between Abu Dhabi and Dubai.

Last week, a government official claimed that Abu Dhabi is investing more in infrastructure than any other capital in the Gulf Cooperation Council, Emirates Business 24/7 reported.