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SCAD: 3565 Residential Units Completed in Q2 2012

Abu Dhabi: Statistics Centre: Abu Dhabi today issued today its latest bulletin on the buildings completed in the three regions of the Emirate of Abu Dhabi (Abu Dhabi, Al Ain and Al Gharbia region) during the second quarter of 2012. The report analyzes data on the buildings completed in the second quarter of 2012 by region, type of usage and cost of construction, based on the administrative records of Abu Dhabi Municipalities.

A total of 1,516 buildings were completed in Abu Dhabi Emirate during the second quarter of 2012, of which 68.0 percent were in Abu Dhabi region, 9.0 percent in Al Ain and 23.0 percent in Al Gharbia region.

A total of 1,427 new buildings were completed in the Emirate of Abu Dhabi during the second quarter of 2012. Furthermore, 89 additions were completed during the same period, including extensions on the same on the same parcel of land and additions of new units to existing buildings. Accordingly, the total number of buildings completed during Q2 2012 was 1516.

A total of 3302 residential units were completed in Abu Dhabi region during the second quarter of 2012 up 17.3 percent from 2,816 units completed in Q1 2012.

The corresponding figure for Al Ain region was 145 units, marking a decrease of 44 units compared with the Q1 2012. By contrast, the number of residential units completed in Al Gharbia region during Q2 2012 advanced 42.2 percent to 118 units, up from 83 units in Q1 2012.

SCAD’s report indicate that 1144 (or 75.5 percent) of the buildings completed during the second quarter of 2012 in Abu Dhabi Emirate are intended for residential usage.

The report also reveals that most of the buildings completed in Abu Dhabi region in Q2 2012 were residential (921 buildings), compared with 44 completions of industrial buildings and 12 completions of buildings classified as commercial.

Compared with Q1 2012, the second quarter saw the residential building completed in Al Ain region retreat 23.6 percent to 123 buildings. However, no significant change was observed in the completions of non-residential buildings in Al Ain region over the same comparison period.

In Al Gharbia region, the number of residential buildings completed during the Q2 2012 grew to 100 buildings.

The estimated average construction cost per square meter in the Emirate of Abu Dhabi during Q2 2012 ranged between AED 3013 and AED 3382 per meter, depending on the total floor area, the interior finishes and intended type of use.

Construction data shows that buildings used for residence by the landlord had a higher construction cost per unit area compared to buildings used for investment purposes. Buildings with a total construction area s between 300-599 square meters had the highest construction cost of AED 3382 per meter and were mostly dedicated for residential use by the landlord. Buildings with a total floor space exceeding 1200 square meters had the lowest construction cost per unit area (AED 3013 per meter).

SCAD’s report on building completions coincides with the Centre’s reflects the Centre’s recognition of the huge importance of the real estate sector for the economy of Abu Dhabi as outlined in the emirate’s strategic vision for 2030, whether reference is to completed projects or developments under construction.

SCAD is keen to highlight in its publications a full range of data on the real estate sector in the Emirate of Abu Dhabi and the opportunities it has to offer in light of the impressive growth the emirate continues to post and the promising outlook for it to develop into a dynamic regional hub in the foreseeable future.