Mixed outlook for Gulf property

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The Cityscape real estate conference held earlier this week in Abu Dhabi was a far cry from the whirlwind of mega-development launches and off-plan investments that used to be the norm at previous such events in the Gulf.

Even Abu Dhabi, which for several years has been plagued by shortages in both commercial and residential real estate, has been knocked somewhat off course, and attendees at Cityscape Abu Dhabi said the subdued mood showed little sign of lifting.

“I don’t think Abu Dhabi expected to be hit as hard as it was,” says Ian Albert, regional director of Colliers International, the consultancy. “The proximity of Dubai is pressing down prices and rents, and there looks like there will be an office oversupply soon.”