Abu Dhabi: High end units are in big demand in Abu Dhabi, Ahmad Al Fahim, Executive director of marketing, communications, sales and leasing at Tourism Development and Investment Company (TDIC), told Gulf News.
“Demand is more than supply for properties in Abu Dhabi; yet, there is a high demand on high end units which are located in strategic centres of the City of Abu Dhabi due to the services and facilities extended to residents as well as community services, including nurseries,” said Al Fahim.
He added that the majority of the units at Saadiyat Island are leased to expatriates, expecting rental values to increase by 5-15 per cent this year.
“The range of hike in rental prices is estimated from 5 per cent -15 per cent,” said Al Fahim, depending on the type of the unit and its location.
Last year and this year, said Al Fahim, Abu Dhabi properties market witnessed a lot of change as there is a high demand for certain types of units and many plots were sold for investment purposes.
He pointed out that 25 per cent of Saadiyat Island is being developed so far and the rest will be developed in line with Abu Dhabi Vision 2030.
“There would be a slight re-master-planning of the Island,” remarked Al Fahim.
He added that the value of villas on the Island range from Dh4.5 million to Dh8 million
Al Fahim sais that the Louvre Museum will be completed by the fourth quarter of 2015.
“Work on this museum is going on day and night. It will be completed by the end of 2015,” he said.