New Residential Waterfront Lifestyle Project in Al Reem Island, Abu Dhabi
Al Reem Island is only 600 metres from Abu Dhabi centre. The island, linked with the mainland through several bridges, is only 20 minutes from Abu Dhabi airport and within easy access to Dubai.
Abu Dhabi property rents have soared in recent years due to population growth coupled with a lack of new buildings and thus rents are on average about 15% higher than those of Dubai. A report from Abu Dhabi Chamber of Commerce says some residential rents increased by as much as 140% last year and this year. In a similar fashion, a recent Colliers International Overview (Q4 2007) report current demand for residential Abu Dhabi property across all segments of the demographic spectrum has outstripped available supply. Occupancy levels of approximately 97-98% are expected to remain consistent over the medium-term future. The population in Abu Dhabi will be doubled in ten years and about 250,000 housing units will be required.
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Great report!