UAE. Empire International Investments, the real estate division of the
multidisciplinary Empire Group, announced today that 35%, which equates
to 160 units, in its prestigious ‘Empire Tower’ development have sold
and that sales remain buoyant despite a recent price increase of 12%.
LLJ Property the exclusive sales and marketing agent for the project
said it has witnessed a massive demand for apartments in the building
from clients across the UAE and overseas. Empire Tower has a broad
appeal as it is competitively priced, with payment terms pegged to
construction delivery and an interesting mix of 1, 2, 3 and 4 bedroom
apartments.
Linda Loughnane, Managing Director of LLJ
Property commented: "Sales have been extremely brisk as more investors
wake up to the potential of the Abu Dhabi market and, Empire Tower is
an excellent product offering potentially good returns for investors
and owner occupiers alike.
In addition, 2007 has been a very strong year, we have seen lots of
key announcements like the deals with the Guggenheim and the Louvre,
whilst the government of Abu Dhabi has revealed clear, well thought out
plans about the development of the Emirate over the next two decades.
Clients recognise these positive moves which are drivers of demand for
quality residential and commercial property and can see clearly why Abu
Dhabi is now the place to invest."
Project spending within the Emirate is estimated to exceed AED 1.2
trillion according to the latest figures from the Abu Dhabi Chamber of
Commerce, with the lion's share of AED 850 million being absorbed by
the construction sector. The volume of real estate sales within Abu
Dhabi has risen steadily over the past 12 months with price increases
being driven by the demand for quality residential and commercial
property in the city.
This is good news for those who are
investing in the market now, as they are able to see significant growth
in their investments in the early months. Although the secondary market
is only just beginning some investors are already trading property and
making healthy profits.
Empire Tower is the first real estate project within Abu Dhabi for
Empire International Investments. Empire's Chairman, Haytham Al-Tajir
said he is delighted with the group's experience in the market to date.
"We
recognised early on that the plans for Abu Dhabi made it an interesting
proposition for us as developers," he said. "We have invested in a
prominent plot and designed a distinctive building which will impact on
the future skyline of the city. These elements combined with the
appointment of LLJ Property as our exclusive sales agents have given us
an edge in the market and enabled the sale of 35% of the project in 12
weeks."
A price increase across the market has been inevitable as
construction costs are rising, driven by increased demand in the sector
and the inflation of material prices caused by the weakening of the
dollar. However market analysts continue to predict further price
increases as they believe that property in the city is currently
undervalued. This makes property in the Emirate an investment with
potential for high capital gains.
LLJ Property said it is confident in predicting further price
increases into 2008 as more product is launched and the new Abu Dhabi
begins to rise.
Empire Tower will be selling at the International Real Estate and
Investment Show taking place at ADNEC in Abu Dhabi from 30 January to 2
February 2008.
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