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1,220 units at Al Raha completed
Abu Dhabi’s largest real estate developer Aldar Properties’ chief executive officer has said that 1,220 units have been completed this year at the Al Raha Beach development and another 800 units will be completed by the end of this month.
Rental prices in Abu Dhabi fell by 10 per cent
Rents in Abu Dhabi fell by 10 per cent in the second quarter as supply continued to outweigh demand amidst expectations that this phenomenon will prevail for the rest of the year whereby up to 14, 000 residential units, primarily high end, will be handed over in Abu Dhabi by the end of 2011.
Handover of Al Zeina homes begins
Aldar Properties said on Monday that hand-over to homeowners has commenced at the beachfront Al Zeina residential development in its Al Raha Beach project. “Delivery of the first phase of the development which consists of three precincts… began last week, with the remaining homes scheduled for delivery this September,” Aldar said in a statement.
First phase of Al Falah on track
Aldar, Abu Dhabi’s property development and investment company, announced that the first phase of the Al Falah residential housing community is on schedule to be handed over to the Abu Dhabi Urban Planning Council (UPC) early next year.
Call for comprehensive set of real estate regulations
The emirate of Abu Dhabi should develop a comprehensive set of real estate regulations to make mortgage, brokerage, and land registration procedures more transparent. A large portion of Al Raha Beach development will be handed over to the buyers in the next 12 months.
Dubai property market drawing tenants from other emirates
According to Chesterton International, of the original eight elements in Al Raha Beach, only Al Bandar has been handed over so far. Al Zeina has been delayed, but is expected to be ready shortly. So will the Al Khubeira and Al Munenra elements of Khor Al Raha.
A tale of two cities: Dubai and Abu Dhabi
Given the complex relationship between the two real estate markets, stakeholders have been closely observing the secondary market stirrings and tenant enquiries for units in off-island communities such as Al Bandar, Khalifa City, Al Raha Gardens, Mohammad Bin Zayed City and Al Reef. While most Abu Dhabi professionals opt for the commute after being priced out of the capital’s prohibitively expensive rental market, the decision is also linked to construction quality, lifestyle offerings and easy access to schools, hospitals and other amenities in Dubai.
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