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2012 will be challenging year for Abu Dhabi property market - Aldar CEO

Posted on 16 November 2011

Aldar Properties Chief Executive Sami Asad said Tuesday he expects 2012 to be a challenging year for the real estate market in Abu Dhabi. “It will remain a challenging year in 2012. It will be a time for consolidation, reorganisation and restructuring–all of these aspects have to be focussed on,” Asad said .

Aldar, like other real-estate developers in the region, was hit hard when the global financial crisis dried up bank lending and hit developers two years ago. Rental prices have since continued to decline in Abu Dhabi, the largest of the emirates in the U.A.E. Sharper price declines in neighbouring Dubai also had a negative impact on demand in the emirate’s market……………………………………..Full Article: Source


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