Cityscape Abu Dhabi 2014 strengthens real estate market as it generates billion dirham deals

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Just less than two days from opening, Cityscape Abu Dhabi 2014 already received its biggest investment yet –an enormous Dh37.7 Al_Reem_Island_Model_Pict_8billion for social housing and infrastructure projects.

Among the participants in the exhibition is Arabtec Construction, one of the leading construction companies in UAE. About two months ago it signed a deal with Aabar Investments to build multiple towers in Dubai and Abu Dhabi for Dh22.4 billion.

According to one CEO in the event, the presence of companies in different sectors regionally and locally indicates the strong recovery of the real estate market.

Some of the properties expected to attract investors and developers are the islands of Reem, Al Raha, Yas, Saadiyat and Lulu. The Al Ghadeer project close to Abu Dhabi’s border with Dubai also looks promising since it will build more than 2,000 residential properties.

A representative of another leading developer, Damac Properties said that they have definitely found the UAE capital’s market strong especially in key locations like Reem Island. In fact, the units in the two high- rises they built last year are almost sold out.

Although there really are signs of a continuous upward trend in the market, developers are still advised to keep a close eye on many factors like the cost of building megaprojects as prices of construction, labor, and raw materials have gone up.

Mohamed Dekkak