This year's edition of Cityscape Abu Dhabi, which opens today at Adnec, will feature new projects by more than 130 property developers, government agencies, financial institutions and companies. The size of the exhibition – 15 per cent bigger than last year – is an indication that the emirate's property market is in good health.
This upswing in a sector that had faced a degree of uncertainty, following the removal of the rent cap and a previously uneven supply of properties, is also an indication that the market is maturing. As The National reported yesterday, a YouGov survey revealed that investors are now mostly focused on achieving long-term returns, as opposed to buying off-plan and selling quickly to make a short-term profit. Clearly, many have learnt from the excesses of yesteryear when projects would routinely sell out before developments had fully left the drawing board. The days of acting in haste then repenting at leisure may well be behind us – and the market only stands to benefit from that.
The increasing number of genuine buyers – including those who have been here for three to five years, those who want to own homes and those who are seeking to upgrade their property – also suggests renewed confidence. This appears to be confirmed by another of the survey’s key findings: that three-quarters of first-time buyers prefer to purchase properties in the UAE rather than in more established overseas markets.
But while the focus at Cityscape will almost inevitably be on glitzy projects – including Jawaher Saadiyat’s villas and luxury apartments on Al Maryah Island – developers should not lose sight of the need to build more affordable housing for low-income workers and families in the capital. In the past, they have found themselves priced out of the market by steep rents.
The Abu Dhabi Urban Planning Council will also unveil its corporate vision during the three-day event, to reflect its own changing role. Coupled with the encouraging indicators the market is showing, this can only be interpreted as a positive sign.
