Demand for commercial space to triple in 3 years

SUPPLY CRUNCH: Demand for commercial space in Abu Dhabi is set to triple in three years, Tamweel said. (Getty Images)

Demand for commercial space in Abu Dhabi could triple during the next three years as the economy grows and population expands, said Dubai-based Islamic mortgage company Tamweel.

Demand last year was 1.6 million square metres. That could grow by 1.5 million square metres per year for the next three years, Tamweel said in a statement on Tuesday.

Demand for homes could rise by 96,000 through 2012, with the bulk of fresh supply coming to market in 2011, Tamweel said, without giving a base figure.

"Demand for residential and commercial space in the region will remain high over the next three years, as the Middle East economic boom continues," Wasim Saifi, Tamweel's chief executive, said in the statement.

"With more and more businesses setting up in the region to capitalise on the business opportunities available here, the fast-growing population will continue to drive demand for real estate," he said. (Reuters)

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