Commenting on the UAE capital's remarkable property boom, Dr. Abdul-Rahman Al-Tassan, CEO of RAKAA Properties, one of the region's preeminent real estate companies, said: "all market indicators drive home the fact that the Abu Dhabi's real estate industry is growing from strength to strength. Though lower in price than those in Singapore, Mumbai and Hong Kong, Abu Dhabi property developments guarantee more lucrative long term results".
Al Tassan, whose company has introduced smart technology in its two residential towers, Dynasty Tower and the Falcon Crest Towers, at Al Reem Island in Abu Dhabi at a total investment of Dhs750m, adds that the issuance of the recent real estate market governing legislations in Abu Dhabi has helped rein in the miscalculations of those selling white elephant projects, and bridled their illegal aspirations.
"The emirate's vigilance and continued monitoring of inflation rates, taking preventive measures to keep them in check, are all factors that have helped woo more investors".
Abu Dhabi has recently suspended bank real estate investment loans in excess of Dhs70m, limiting rent hikes to an annual maximum of 5%, measures that have contributed to stabilizing the property market and stimulated reasonable growth rates.
Economists highlighted the extremely high level of occupancy in Abu Dhabi as one of the key factors that is encouraging real estate developers to its market.
The level of occupancy witnessed a significant increase in 2007, with a projected supply of 1,100 units compared to a demand for 21,900 units.
Dynasty Tower and the Falcon Crest Tower are all smart technology-equipped and feature stunning views that overlook the sea and the island's mangrove trees.
They also boast swimming and gymnastics halls and gardens. Standing at 29 storeys, the Dynasty Tower's 136 apartments, ranging from one to four bedrooms in size, will be solely dedicated to residential purposes, while the Falcon Crest Tower boasts 24 floors allocated for residential purposes as well as limited retail spaces.
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Rapid growth encompasses Abu Dhabi's economic sectors and urban development
- United Arab Emirates: Monday, April 07 - 2008 at 15:23
- PRESS RELEASE
Boasting one of the world's highest per capita incomes, Abu Dhabi is witnessing spectacular real estate investment growth rates, backed by aggressive development plans scheduled to continue until the year 2030, further the emirate now plays host to the tune of $306bn worth of mega investment and infrastructure projects.
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RAKAA Properties is a part of RAKAA Holding, a Riyadh based company, established in 1990.The organization has offices in the UAE, Sudan and in the US.Since its establishment, RAKAA has bought together knowledgeable experts in their field to help develop a variety of well structured projects that now in total, cover an impressive area of 1.3 million mē.
Over the past 17 years RAKAA have developed a wide and varied property portfolio that range from office buildings, open and closed commercial compounds, residential buildings, luxury hotels and villas that are situated throughout the Kingdom of Saudi Arabia.
After an in-depth study of the real estate investment economies of its neighboring countries, RAKAA decided to enter these new markets and further diversify its investment portfolio. The company has chosen to expand into the UAE, predominantly in the capital of Abu Dhabi, where they have recently launched two state-of-the-art towers located on Al Reem Island, one of the emirate's most prestigious mega developments.
For more information, contact:
Mustafa Al Khafaf
SAHARA PR
+9714 3298996
Posted by Eman HassanMonday, April 07 - 2008 at 15:23 UAE local time (GMT+4)
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