Abu Dhabi property market active towards end of 2009

29/12/2009 -
Abu Dhabi property market active towards end of 2009

Posted by Bob Brunskill

October and November were two of the most active property sales months in 2009 for Abu Dhabi, new figures have shown.

A December sales guide released by real estate consultancy firm Landmark Advisory showed that demand during those months was focused on close-to-completion developments such as Marina Square, Al Reef Villas, Sky Tower and Al Bandar.

According to the guide, property prices in the capital remain stable as sellers and buyers in the market eagerly wait for clear signals from the development community indicating precise project delivery dates.

Jesse Downs, director of research and advisory services at Landmark Advisory, said that prices were likely to increase on developments that are close to being finished during 2010.

"As these developments get closer to completion, transaction volumes are expected to increase, which could gradually lead to marginal price increases," said Ms Downs.

Such findings will encourage property investment in the UAE next year. The municipality of Abu Dhabi recently boosted its regional infrastructure by opening its internal streets project at Musaffah West-East. The project is part of a city-wide strategy to strengthen infrastructure in order to keep up with the accelerated economic and urban growth of the area.

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