ABU DHABI: Real estate demand in Abu Dhabi’s metropolitan area is expected to increase across all sectors over the next four years, according to Abu Dhabi Urban Planning Council’s (UPC) Abu Dhabi Real Estate Forecast Study, presented at Cityscape Abu Dhabi 2010.
Abu Dhabi’s population is expected to soar to 1.2 million in 2013 from the current 969,000, based on an average annual growth of 5.2%. The study reported that the fastest increase in supply will be recorded in the office and hotel sectors, averaging an annual growth of 18% till 2013. Abu Dhabi’s metropolitan area accounts for 60% of the emirate’s residents and 59% of its total employment.
“Our findings have helped us produce a real estate supply and demand model to assist smart decision making at all levels and across all sectors, while ensuring that the level of consented supply is in line with scientifically-forecasted market demand,” said His Excellency Falah Al Ahbabi, general manager of UPC in a press release on Cityscape Abu Dhabi’s website.
“The forecast models developed as part of this effort will be utilised to produce future demand and supply trends which would be released annually by the UPC,” added Al Ahbabi.
The study is part of a wider Abu Dhabi government initiative to introduce regulatory reforms aimed at establishing a standards-setting business and legal framework that is transparent, promotes best practices and endorses a sustainable growth-enabling environment.
Projections for employment and population growth in the Abu Dhabi metropolitan area are based on a top-down macroeconomic model.
UPC is the authority for the development of Abu Dhabi’s urban environment and the Plan Abu Dhabi 2030 Urban Structure Framework, a master plan to develop Abu Dhabi through 2030.Cityscape Abu Dhabi is one of the world’s largest international business-to-business real-estate investment and development conference held annually, and features an exhibition that brings together regional and international companies from various fields related to property. This year’s event is held from April 18 to 21 at the Abu Dhabi National Exhibition Centre.
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