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FINANCIAL NEWS
Abu Dhabi hurries real estate development to meet deadline
03 Aug 2013
(MENAFN) Abu Dhabi is trying to finish a large number of apartment buildings as the deadline for visa holders to relocate is around the corner in September, Saudi Gazette reported.
5,000 apartments and 3,900 villas are set to be completed within six to 12 months as demand rises in the city.
Head of Investment Sales at LLJ Property, Andrew Covill , said, �Demand is currently outstripping supply in all price brackets and we desperately need new developments of all types in Abu Dhabi.�
The emirate plans to develop residential properties in Saadiyat, Al Raha Beach, Reem Island and Al Reef as demand in those areas is increasingly growing.
�Many Etihad Airways staff are looking to take up homes in these areas due to their proximity to the airport. Saadiyat Island is another destination as it is the only luxury golf villa development in the city,� he added.
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