Developers need to adopt a policy of transparency and accountability that takes into account the gap between supply and demand, as well as global economic conditions, according to Abu Dhabi-based developer Burooj Properties.
The call for increased levels of detailed, accurate planning before committing to a development follows the news that Burooj has completed 85% of its Burooj Views development on Abu Dhabi’s Al Reem Island, with the project on schedule for a Q1 2010 completion.
“As new residential units enter the market, we expect Abu Dubai’s residential property market to stabilise, particularly when units of new mega projects, such as Al Reem Island and Al Raha Beach, become available after 2011,†said Burooj Properties MD Adel Ahmed Al Zarouni.
Commenting about the Abu Dhabi residential property market, Al Zarouni added that the supply/demand balance had not yet been restored, as the UAE capital’s estimated population at the end of 2007 was 930,000, while just 180,000 residential units were available, according to the Abu Dhabi Urban Planning Council (UPC).
“We are sparing no effort to ensure that we complete our projects, including Burooj Views, according to schedule in order to be able to launch a host of new projects, where we will maintain the same transparency strategy we adopted with our clients in previous projects. This strategy has been the key to our successful completion of these projects on time,†he concluded.
