Abu Dhabi property owners see strong rental demand

05/10/2011 - Northern Emirates Property & Investment News Posted by Neil King
Abu Dhabi property owners see strong rental demand

Property investors in Abu Dhabi have witnessed a stable market over the third quarter of the year and strong demand from renters.Figures from the Real Estate Monitor by Asteco Property Management illustrate the demand from existing residents to "upgrade and secure better value for money accommodation", according to Elaine Jones, chief executive of the firm.As more projects are leading to completion, such as the Al Zeina project at Raha Beach, enquiries about property sales in the emirate has increased.The site includes 952 apartments, 26 penthouses, 119 townhouses and 124 villas.Reem Island has also become the location of a new development at Marina Square, although this is not yet fully open.Meanwhile in Dubai, property sales are expected to reach Dh140 billion by the end of the year, predicts the Dubai Land Department. This compares to Dh123 billion in sales of Dubai property last year.The government hopes to attract more foreign investors with its new real estate developers' governance charter.