More Than 100,000 Housing Units Needed Within The United Arab Emirates Capital By 2010
Eqarat.com, a leading total solutions provider to the real estate sector, has announced its plans to boost its operations in Abu Dhabi with aims to leverage the fast growing residential developments market in the UAE capital. Company officials have announced the move in response to recent industry reports projecting that more than 100,000 housing units will be needed within Abu Dhabi by 2010, and are currently focussing on partnering with major property and real estate developers participating in the upcoming Cityscape Dubai 2008 which will be held from October 6-9 in the Dubai International Exhibition Centre.
At present, Abu Dhabi has a total of 186,200 housing units, which is expected to rise to 193,100 next year and reach 213,100 by 2010, as the newly-formed Abu Dhabi Commercial Properties strengthens its efforts to introduce additional supply to address the growing demand. Guided by its own expansion agenda, which puts culture and community ahead of pure commercialisation, the emirate is looking at delivering an additional 140,000 residential units by 2013. In line with the growth of the emirate, Eqarat.com has plans to strengthen its property management and consultancy services in the market and contribute to the unprecedented demand for high quality housing units by partnering with high profile developers and presenting new and novel concepts to offer more diversified choices to investors and end-users.
“In our focused efforts to leverage the booming real estate market in the UAE, we have identified Abu Dhabi to be an ideal location to expand our diversified services in the property management consultancy sector, given the outstanding demand for high quality residential projects and the government’s proactive actions to regulate the rapidly growing market,” said Ali Al Rahma, CEO, Eqarat.com. “We are looking forward to the significant role Abu Dhabi will be playing in our regional strategy and to capitalise on our partners’ strong presence in this rapidly growing market.”
Eqarat.com’s interest in Abu Dhabi’s booming real estate market is also being further fuelled by the rapid increase in its land value, which has grown by more than 100 percent to cross more than AED 4,040 per square meter in 2007 from AED 1,984 in 2005, according to recent industry reports. The research also forecasts a considerable increase in the share of Abu Dhabi in the UAE mortgage market from 5 per cent in 2007 to 22 per cent in 2008, which has prompted Eqarat.com to initiate plans to play a major role in this lucrative market.
“Our game plan is to provide Abu Dhabi developers with holistic property management services, which will effectively make their projects more attractive to investors and end-users. Having established a prominent position within the Dubai market, our dedicated efforts to expand our operations in Abu Dhabi is part of our plans to maximise our presence across the entire UAE. Amidst the massive demand for residential properties in the capital, we are committing our 100 per cent support to developers who will be launching and marketing their Abu Dhabi-based projects,” concluded Al Rahma.
Since its establishment in 1991, Eqarat.com has worked towards becoming a leading turnkey real estate and property solutions provider by offering a wide range of services, from property consultancy to property sales services for individual buyers and sellers, as well as institutional investors and property developers. The company delivers highly customised services through its dedicated team of property experts who identify unique investment opportunities within the real estate sector. The company has recently extended its presence in the region especially in Oman where it has been appointed as the exclusive sales agents for the RO 13 million ‘Mayar Al Khoudh’ project in Muscat, which the company managed to sell out in under a month.
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