Property

Chestertons opens new Al Reem Island office in Abu Dhabi

New office will serve demand for future master-planned free-hold communities in Abu Dubai

Chestertons has opened a new office on Al Reem Island, Abu Dhabi in a move to “better serve demand for future master-planned free-hold communities in the area and the Abu Dubai real estate market generally.”

The new office, located at The Marina Square, is in a prime position to capitalise on several new launches taking place this year, including Aldar’s ‘The Bridges’, comprising six mid-rise towers, each offering 212 homes, the tech-enabled Reem Mall which will feature 2.8 million sqft of retail space for 450 stores, 85 F&B outlets and a family entertainment offering as well as Reem Forest, an urban forest promoting biodiversity which is expected to pique the interest of investors.

Nick Witty, Managing Director, Chestertons MENA, said: “The new office is part of a strategic move to reinforce our position as a leader in Abu Dhabi’s real estate market. We will offer a broad spectrum of property services expertise which will be complemented by the office location and its excellent connections to Abu Dhabi International Airport and City Centre as well as Al Maryah and Saadiyat Island and of course, Al Reem Island.”

A team of real estate experts will provide a range of services including, local investment, leasing and sales, property management, strategic consulting, valuation and international global new homes.

Market research will continue to be an integral part of the remit of the office and will provide the cornerstone for the Chestertons’ Observer Market Report research series.

According to the latest research by Chestertons, the Abu Dhabi real estate market witnessed marginal declines in the last quarter of 2019 with average sales prices for apartments falling by 2% and villas by just 1% while apartment rents fell by 1% and villas by 2%. Al Reem Island was one of only a handful of Abu Dhabi districts to see stable rents and one of only two areas to see stable capital values, the other being Saadiyat Island.

“A favourable supply and demand equilibrium, a range of market reforms and a more muted slowdown of sales and rental decreases are shining a positive light on the real estate market in the capital, something we hope to capitalise on from our new location,” added Witty.

The new office can be found at Office No. 802, Tamouh Tower, Building 12, The Marina Square, Al Reem Island.

Content supplied by Chestertons

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