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Continued capital growth

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REAL ESTATE and advisory firm JLL has released its first quarter Abu Dhabi Real Estate Overview report at Cityscape Abu Dhabi held at the end of last week at ADNEC in the capital.

The Abu Dhabi real estate market continued to show signs of growth and recovery during the first quarter of the year, the report said.

This optimism remains focussed on the prime residential sector which witnessed increased rents and prices, and near to full occupancy for high quality products.

The first quarter of this year continued to witness growth in the prime residential market and further stabilisation of the office and hospitality sectors.

Short-term demand will be fuelled by investment and job growth from new major construction and economic development projects, combined with a general improvement in market sentiment, JLL’s report said.

Long-term market recovery will be dependent on the pace of the government’s ongoing initiatives to diversify the economy and generate sustainable new employment growth
as many of these initiatives remain a work-in-progress.

Residential stock increased by around 1,700 units in the first quarter, bringing the total stock to around 238,000 units. Additions to supply included units within Reem Island, Saadiyat Island and Al Reef.

The residential sales market continues to rise due to positive investor sentiment and increased demand from end users. This led to price growth for the fifth successive quarter, following 25 per cent annual price growth for prime units during 2013. 

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