Friday, 3 February 2012

Abu Dhabi: A measured approach | Oxford Business Group

The real estate market in Abu Dhabi is continuing to undergo a period of correction, with prices flat, slower demand and more supply expected to come to market in 2012. But while the market is expected to remain subdued in the near future, new real estate laws anticipated in 2012 could improve the situation in the longer term.

In this environment, it is scarcely surprising that Aldar Properties, an Abu Dhabi-based developer that has been involved in major projects in the emirate, has turned to the government for an injection of funds.

In late December the government of Abu Dhabi stepped in to support Aldar, agreeing to purchase certain assets and waive some loans. Under the terms of the deal – which is worth about Dh16.8 ($4.6bn) – the state will purchase these assets from Aldar, including Central Market, a city centre redevelopment, as well as homes that are part of the company’s Al Raha Beach development.

No comments:

Post a Comment