Abu Dhabi, UAE - March 22nd, 2009: Responding to strong growth in the UAE capital, and following a year of growth in 2008, Landmark Properties is opening a dedicated office in Abu Dhabi.
The new operation, located in Al Bateen, aims to help clients find suitable properties in a housing market that is undersupplied.
"Because of its strong long-term fundamentals, Abu Dhabi is proving resilient to the economic downturn, with 15,000 new units likely to be delivered over the next two years, which are expected to be rapidly absorbed by growing pent-up demand. Expanding into the capital not only enables Landmark Properties to create a wider network of expertise for our clients in the Emirates and beyond," said Cliff Kelaita, Chairman & CEO of Landmark Properties.
In addition to residential leasing, Landmark Properties will provide commercial leasing, freehold property sales, and property management services to customers in Abu Dhabi. Landmark Advisory, the company’s research and consulting division, has been surveying Abu Dhabi real estate to produce market intelligence products that are unprecedented in scope and accuracy.
Landmark is one of the few real estate companies in the UAE still investing in new staff. Kelaita highlighted recruitment for the Abu Dhabi office as a key priority for the first quarter of 2009.
Kelaita cited research analysis by Landmark Advisory showing that demand for property in Abu Dhabi will remain strong due to supply constraints that are likely to persist for the next 4-5 years. In 2009 alone, the market will be under-supplied by 34,000 units.
Additional Landmark Property Management services include advising landlords on all matters pertaining to the implementation of Strata Law, Owners Associations and budgetary forecasting for the landlords' properties as well as guiding landlords on the changes in rental levels and expected financial returns.
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