Abu Dhabi realty database to enhance land management, planning efforts

Monday, Oct 12, 2015

Abu Dhabi: A newly launched database with detailed information on real estate developments in the emirate of Abu Dhabi is soon expected to enhance land management and planning efforts.

The database was launched today (October 12) by the emirate’s urban planning authority, the Urban Planning Council (UPC), at a press conference in the capital.

The meeting saw 19 leading land developers, including Aldar, Reem Investments and the Tourism Development and Investment Company sign a commitment to share a greater detail about their completed and ongoing projects.

“In the past, we have had about 75 per cent accuracy in the information about the emirate’s real estate sector. Through this initiative, we hope to drive the accuracy of data about demand and supply up to 95 per cent,” said Falah Al Ahbabi, director-general at the UPC.

The senior official also confirmed that the emirate would press ahead with its planned “strategic” real estate developments, despite the pressure on government coffers due to the slump in oil prices.

“There won’t be any cancellations of the strategic projects that the government has announced,” he stressed.

In the short term, Abu Dhabi city will see the greatest real estate growth in its suburbs, specifically Zayed City. But there are no plans to establish residential communities in the stretch between Abu Dhabi and other emirates.

“Development will still be focused near existing communities as establishing completely new neighbourhoods requires heavy investment into infrastructure,” Al Ahbabi explained.

Divulging further details about the planned database, UPC officials said that it would cover commercial, retail, hospitality and residential units.

A typical database entry from a real estate company will include data such as land area uses, start and completion date, construction status, area of the plot and cost. More detailed information will then be requested on how exactly the project is divided up between commercial, residential and retail purposes.

For residential properties, developers will list the number of units, and provide a breakdown of unit size, number of bedrooms, value per square metre and percentage of units sold. Hotel developers will disclose the star grading and construction status of their current and future stock, as well as the number of hotel apartments in their portfolio.

In the commercial sector, data will be collected about the class of office, its sales value, rent per square metre, and the type of occupant. On the other hand, retail developers will list their portfolios in terms of type, such as mega mall, supermarket or convenience store, and occupant type, including local, regional or international brand.

Data is also required for industrial spaces, such as the distinction between light and heavy manufacturing, warehouses and logistics, unit sales price, annual rent, and what percentages have been sold, retained or remain vacant.

Abdullah Al Shamsi, executive director for strategic affairs at the UPC, said the authority has already met with other government stakeholders.

“The emirate is growing at a tremendous pace, and such collaboration, data collection and verification will play an important role in helping determine future needs,” Al Shamsi said.

Developers in attendance at the forum said that they hoped for more effective channels of communication with the UPC. They also pointed out the need for greater coordination between the UPC and other government authorities to ease the approvals process for projects.

By Samihah Zaman Staff Reporter