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Abu Dhabi to curtail residential construction
Abu Dhabi will curb housing construction to avoid oversupply…
November 25, 2009 3:40 by kippreport
Abu Dhabi will curb housing construction to avoid oversupply and price declines in the market, John Bullough, the CEO of Aldar Properties told Bloomberg on Wednesday. The government will let the “rope out on development in a measured way,” he said. Abu Dhabi currently has a shortage of 15,000 to 20,000 units, says the report.
“There has been a significant reprioritization across the whole of the development community,” said Bullough. It “delayed delivery of a lot of what was in the pipeline, and that bodes well for the future because it means we will be able to maintain a more effective balance between supply and demand,” he added.