DUBAI, April 17 (Reuters) - Aldar Properties plans more acquisitions as it sees opportunities in a slowing property market, its chief executive said on Tuesday. Late last year the Abu Dhabi-based developer bought an office tower in the emirate for 658 million dirhams ($179 million). Values and rentals have been falling in Abu Dhabi’s property market due to a slowing economy in the last two years. “We are seeing ample opportunities of new acquisitions in these market conditions in Abu Dhabi and elsewhere,” Talal al- Dhiyebi told Reuters at Cityscape Abu Dhabi, the property show.
Aldar will continue to invest in new projects as well as acquisitions, he said.
Last month Emaar Properties and Aldar signed a joint venture agreement to develop local and international projects worth as much as 30 billion dirhams ($8.2 billion).
Aldar also expects to attract more retail and institutional investors after it recently increased foreign ownership in its stock to 49 percent from 40 percent.
“There’s been wide international demand from Europe, the U.S,” he said.
With Abu Dhabi’s real estate market slowly recovering from a tough phase, Aldar is focusing on affordable housing, which is under-serviced, he said. “The bubble has gone out of pushing prices artificially. Today we have real investors, real demand and end-users,” he said.
$1 = 3.6730 UAE dirham Reporting by Stanley Carvalho; Editing by Saeed Azhar