Abu Dhabi's property market is set for another year of consolidation in 2011 and the supply of high-end homes over the next 15 months will do little to address a shortage in mid-income housing, an executive said on Tuesday.
Developers in the emirate will continue with the completion and handover projects next year while some 8,000 higher-end homes are set to hit the market by end-2011, Gurjit Singh, chief operating officer at Sorouh Real Estate, told the Reuters Middle East Investment Summit in Dubai.
"The undersupply that is focused on in Abu Dhabi... is predominantly middle income and therefore is a gap that needs to be filled," he said, adding that Abu Dhabi's government was encouraging more middle income rental housing projects.
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