Posted by Neil King
Abu Dhabi will see about 22,100 new residential units come online over the next three years, it has been revealed.
A study by Abu Dhabi's urban planning council also forecast that this high residential supply will be supplemented by strong activity in the office space sector where it expects about 3.6 million square meters of office space to be available by the end of 2013, Dow Jones Newswires reported.
In addition, the report stated that there is a need for 700,000 square meters of retail real estate to meet demand in that sector.
The findings were revealed by Saud Al Junaibi, Abu Dhabi's director of development and urban planning at a seminar yesterday (June 1st), which was organised by the emirate's department of economic development.
Meanwhile, official figures recently showed that Abu Dhabi's hotels saw a 16 per cent rise in the number of guests they received during the first four months of this year compared to the same period last year.