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Projects under construction will provide new supply to the Abu Dhabi real estate market. |
Availability of nearly 27,000 residential real estate units till 2010 might not help meet Abu Dhabi's burgeoning demand for housing, which at 100,000 units is more than three times - a factor that is bound to push housing prices up, according to a latest report. However, the shortage of real estate units in UAE's capital city will ease within the next three years as projects under construction will provide new supply to the market, the executive director of Abu Dhabi's Urban Planning Council said.
"There will be 30,000 units built in Mohammad Bin Zayed City alone which is targeted at housing the middle class to balance supply in the market," Jamal Al Hosani said.
To accommodate the growing number of its labour population, there will be new labour camps in the city of Abu Dhabi, he added. Al Hosani said the Urban Planning Council is doing the final planning for the New Khalifa City that will become the capital district. It is located 25 kms away from the existing downtown.
