A real estate chief has said the real estate market in Abu Dhabi is shifting to an end-user market as a result of a housing shortage.
Baniyas Investment and Development Company CEO Wael Tawil said there as significant housing gap in the UAE capital that could be capitalised on bny developers.
“It’s an end-user market now,” said Tawil. “Depending on which estimate you follow, Abu Dhabi has a housing gap of anywhere between 5,000 to 40,000 homes.”
Baniyas is currently working on Bawabat Al Sharq, a US $817 million (AED 3 billion) mixed use project in Bani Yas City, Abu Dhabi. Tawil said that phase two of the project would start construction at the start of 2010, with an aim for completion by Q3 2011.
“If you work with good reputable contractors, you can develop ahead of the target date,” said Tawil.
