Abu Dhabi's mortgage market to contribute Dh5b to property segment
Industry experts recently revealed that the real estate industry in Abu Dhabi should expect significant growth in the coming future, with the segment expected to reach an impressive Dh9 billion in 2007, with the mortgage market contributing some Dh5 billion to the overall figure.
"The year 2007 is very promising for retail segment of Abu Dhabi's real estate market and our in-house research suggests that the total size of retail realty market could be in the region of Dh9 billion," stated chairman of Tamweel, the UAE's leading home finance provider, Shaikh Khaled bin Saqr bin Zayed Al Nahya, according to Khaleej Times.
Shaikh Khaled made the comments while talking to reporters in Abu Dhabi after opening his housing finance company's branch at the Marina Mall.
"We intend to play a pivotal role in providing prospective home buyers here with our expertise and excellence," he added, stressing that Abu Dhabi had an important role to play amongst emerging markets in the region.
The emirate's real estate market has been booming in recent times, leading some to fear a possible collapse at some time in the near future. However, Adel Al Shirawi, CEO of Tamweel responded to a comment about the possible bubble burst by saying that such a scenario was highly unlikely at that the future of the market looked extremely positive.