JLL: Abu Dhabi City Profile April 2011
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The road to home finance has been a long one for the Kingdom, but with its highly anticipated mortgage law edging ever closer to ratification, would-be homeowners and financial institutions are gearing up for a new era of opportunity.
With the announcement this year of a US$66.7 billion initiative to address the demand-supply imbalance in the Kingdom’s housing market, social infrastructure spend is topping the Government agenda as it focuses on building affordable homes for the future.
The South-East Asian island has seen a number of distinctive developments come to fruition over the past few years as the country further establishes itself.
Abu Dhabi's real estate markets have entered a phase of oversupply as major projects, launched during the boom period, approach completion amid a demand lull.
In the short-term, market challenges remain as vacancies rise and rents decline from unsustainable levels. This is however, a positive development for the occupier market and will improve Abu Dhabi's competitiveness.
The future prospects for the Abu Dhabi real estate market remain very bright. The weight of sovereign and private wealth - combined with the government's vision and commitment to invest in infrastructure and economic development - will facilitate Abu Dhabi's continued emergence over the coming years as an important regional and global hub.
The market's long term sustainability rests on Abu Dhabi's ability to capitalise on the current market correction through transparency improvements and regulatory reform. Combined with economic deversification, such measures will boost residential and corporate demand as well as shift the market orientation from speculation-driven development to a stable long-term investment model.
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