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| 20 April, 2017

Cityscape adds to Abu Dhabi's realty competitiveness

A general view shows the beach road in the UAE capital Abu Dhabi in this December 2006 file photo. REUTERS/Stringer

A general view shows the beach road in the UAE capital Abu Dhabi in this December 2006 file photo. REUTERS/Stringer

Property market significant enabler for financial markets, trade and investments.

ABU DHABI, 19th April, 2017 (WAM) -- More than 100 companies from across the world are participating in the 11th Abu Dhabi Cityscape 2017, now running in the UAE capital, with industry reports expecting the event to drive momentum for the property sector in Abu Dhabi in particular and across the country in general.

According to Rashid Al Baloushi, CEO of ADX, the state of optimism created by the premier platform is quite justifiable on account of the role played by the property market, being a significant enabler not for the financial markets only, but for the tourist, transport, trade and investment platforms as well.

The impressive turnout witnessed by the event is a testament to the emirate of Abu Dhabi’s ability to organise successful exhibitions that reflect the growing stature of the emirate and considerably contribute to the country’s national economy, he added.

This year’s participants included new players in the real estate markets, including Al Abbar Group, Tiger Property, Dubai Investments Real Estate Company, Abu Dhabi Holding, Hydra Properties, and RAK Properties along with a number of leading property companies that have earned the event an edge over other similar platforms in the region. A number of key international real estate companies from Turkey, UK, Maldives, Azerbaijan, Bosnia, Canada, China, Herzegovina, Cyprus and Portugal are also participating, giving the event a further international acknowledgement.

New economic developments at the real estate industry in terms of prices, and supply of diversified types of property and financing are among the issues being discussed during the event.

Companies participating in the event have shown noticeable tendency to offer wider options at more affordable prices in line with the prevailing market conditions, with an emphasis on smaller units that are diversified by geography and total spaces.

Launching fresh property investments in UAE free zones, five of which are located in the capital Abu Dhabi, account for part of the debates during the event.

ADX CEO has expressed belief that the considerable fall in real estate prices drives medium and long-term investments in Abu Dhabi real estate sector, highlighting the myriad advantages boasted by the real estate platform, including predictability and high returns.

The overall economic performance in the Emirate of Abu Dhabi reflects the high growth potential boasted by the emirate and the international credibility enjoyed by the economy of the country which has been recently boosted by the relative stability in the international oil prices, Al Baloushi added.

He highlighted the impressive role played by a series of economic partnerships that have been reached over the past period in implementation of the Abu Dhabi 2030 Vision.

"The new real estate legislation introduced by the Emirate of Abu Dhabi in areas of credit and mortgage will definitely enhance the real estate sector’s competitiveness, are expected to reflect positively on the real estate, tourist, transport, and trade sectors, therefore translating the objectives for which Cityscape has been organized for, " added Al Baloushi.

© Copyright Emirates News Agency (WAM) 2017.