Asteco expands its services despite economic downturn

Asteco, UAE's leading property consultancy operating in the region for the past 10 years, has doubled the size of its Abu Dhabi office in the last 12 months, with more than 15 new staff across a variety of disciplines joining its team.

Andrew Chambers, Managing Director at Asteco, believes that it is the wealth of experience his company has acquired over the past decade that has allowed it to expand in the face of economic adversity. The organisation's key catalyst for growth was the passing of Property Law 19 in 2005; a decree which allowed UAE nationals to own and trade land and gave expatriates the opportunity to acquire rights for both land and units in designated areas.

"The fact that we have been operating in Abu Dhabi for almost ten years gives us a distinct advantage over the majority of our competitors. The experience we have gathered allows us to be dominant in areas of valuation, development consultancy and market research services in Abu Dhabi. Other consultancy services offered include property management, feasibility studies, sales and leasing and investment agency services," said Andrew Chambers.

The capital has indeed emerged from the shadows of Dubai's phenomenal growth to command centre stage with mega developments such as the Al Raha and Al Reem projects.

The real estate boom has attracted various companies supporting this sector, leading to overall economic growth resulting in occupancy levels reaching near 100%. With little supply coming online until mid-2009, the market continues to look promising for established players such as Asteco, with demand for its services running high.

"Abu Dhabi's office market is experiencing close to 1% vacancy rates and there is a current undersupply of quality office space. We are expecting an estimated supply of 513,000 square metres of office space to come on to the market over the next year, but this is unlikely to cause an oversupply situation because of excess demand,"

said Jean Paul Chattat, General Manager for Asteco's Abu Dhabi office.

Statistics reveal that Abu Dhabi's property market has grown by 100% over the last two years. It is expected that its market will continue to expand until the demand and supply imbalance has narrowed, or if supply starts to exceed demand.

"The need for professional advice is becoming increasingly important in Abu Dhabi, because, as the market matures, owners, developers and investors are recognising the benefits of seeking early advice when embarking upon a development project, acquiring or selling property, or considering raising finance,"

said Chambers.

"We anticipate that our expanded team, delivering professional services, will certainly have their work cut out for the foreseeable future," he added.