Empire International Investments, the real estate division of the multidisciplinary Empire Group, announced today that 35%, which equates to 160 units, in their 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 have 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 recognize 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 Dhs.1.2 trillion according to the latest figures from the Abu Dhabi Chamber of Commerce, with the lion’s share of Dhs.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, their Chairman, Haytham Al-Tajir is delighted with the results of their experience in the market to date; “We recognized early on that the plans for Abu Dhabi made it an interesting proposition for us as developers. 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 are 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 on stand B8 at the International Real Estate and Investment Show taking place at ADNEC from 30th January to 2nd February 2008.
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