Growth in key non-oil sectors such as tourism, hospitality, education and healthcare is translating into robust demand in terms of the volume and nature of property requirements in Abu Dhabi,Trade Arabia stated.
The non-oil sector continued to expand its share of the economy, accounting for 45 per cent of total GDP in 2013 and up from 43 per cent in the previous year, which is helping to ensure the sustainability of growth in the residential market by aiding in the long term diversification of the buyer and tenant demand base, explained the Abu Dhabi Spring 2014 Residential Market Outlook report released by Cluttons, a leading real estate consultancy.
This resurgence in demand is coupled with a market that has been depleted of new supply for a number of years and this is driving values, while also stimulating a widespread return to development.
Steven Morgan, chief executive Cluttons Middle East, said: “Abu Dhabi’s economic evolution is underpinning the long term sustainability of the residential property market.”
The non-oil sector continued to expand its share of the economy, accounting for 45 per cent of total GDP in 2013 and up from 43 per cent in the previous year, which is helping to ensure the sustainability of growth in the residential market by aiding in the long term diversification of the buyer and tenant demand base, explained the Abu Dhabi Spring 2014 Residential Market Outlook report released by Cluttons, a leading real estate consultancy.
This resurgence in demand is coupled with a market that has been depleted of new supply for a number of years and this is driving values, while also stimulating a widespread return to development.
Steven Morgan, chief executive Cluttons Middle East, said: “Abu Dhabi’s economic evolution is underpinning the long term sustainability of the residential property market.”
Source:
Mubasher
