Abu Dhabi 'seeing rapid development'

There is currently rapid expansion taking place in Abu Dhabi, a property exhibition taking place in Liverpool has heard.

Speaking at the Waterfront Expo, senior associate of property firm Gensler Peter Sheard stated that the development was taking place "against a background of huge liquidity".

However, he also noted that due to the large amount of investment taking place, there has been a lack of planning over how some of the projects are implemented.

"Abu Dhabi realises that there is so much investment coming in … that it has to get a handle on how it is going to redevelop itself," he explained, adding that the waterfront area of the city is changing "quite rapidly" due to the expansion taking place in this area.

According to Asteco, average rental rates for quality apartments in the city increased by 87 per cent between July and September 2008 against comparable figures from the previous year, with rent for two-bedroom units doubling.

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