Few real estate investors are currently active in Abu Dhabi as they wait for 2010 completion dates

Property prices in Abu Dhabi remain stable but only a small number of investors are currently active in the market and many are waiting for completion dates for 2010 before committing, it is claimed.

According to Landmark Advisory, one of the leading real estate consultancy companies in the Middle East, October and November were two of the most active sales months of 2009 for the city with demand focused on close to completion developments such as Marina Square, Al Reef Villas, Sky Tower and Al Bandar.

However, prices have not measurably appreciated and buyers continue to look for distressed sales.

They are looking for completed properties and are waiting for hand over dates to be announced by developers.

‘Despite an increase in sales activity in the third quarter, demand levels since mid November have waned, leading to limited sales volumes in December,’ explained Jesse Downs, Director of Research and Advisory Services, at Landmark Advisory.

The company’s latest sales guide shows that transactional prices remained stable throughout the fourth quarter of 2009 and are not expected to increase until property is handed over in 2010.

‘Prices are only likely to increase for developments that are close to completion during 2010.

As these developments get closer to completion, transaction volumes are expected to increase, which could gradually lead to marginal price increases,’ said Downs.

Asking prices saw a marginal increase of 5 to 6% with the exception of Al Bandar which has seen average asking prices decrease by 9% since September 2009.

More problems on the Red Sea invloving Mr Andrew Harris

Egyptian born resident Mohamed Lahwany is needed for questioning in a skirmish that occurred outside a popular Red Sea resort named Regency Towers. Mr Lahwany was working for a British disqualified alleged property fraudster and conman named Andrew John Harris in Hurghada, Egypt.

Late this night of 2008 in mid August, there was a verbal altercation between investment buyers and Mr Harris. Mr Harris allegedly demanded a group of Egyptian men to psychically attack and beat upon a few of these investors, leading to the local Egyptian police being summoned.

At this time prior to the police taking control of the situation. It has been alleged, and was said to be witnessed that Mr Lahwany ran inside a dwelling with a knife and proceeded to cut his own face. The alleged self mutilation we have been told was an attempt to have his boss Mr Harris get out of the gang style attack on his investors, and switch focus in the investors direction as possible assailants. It is alleged an Irish bystander is on a hidden recorded device stating that Mr Mohamed Lahwany was paid by Mr Harris to cut is own face, the bystander asking how much he was paid for this act of self inflicted wound resulting in blood coming from atop is eyes.

Mr Lahwany blamed a European elderly man and his daughter, and a visiting America investor for this self body mutilation resulting in them being arrested, and taken to court until an investigation revealed they were know where near this Mr Lahwany at the time of his injuries, and is stated there were witnesses that have confirmed he did it to himself, and this may have been motive for money from his boss.

The case was dropped against the investors, back in 2008.

WPN have just been sent a message by spokesmen for plaintiffs and investors they are asking the case be reopened by the prosecutors, and are requesting Mr Lahwany be questioned, tried and or imprisoned, if this is what the judged deems fit for punishment.

They want to submit for evidence the recorded sample along with sworn statements from eye witnesses the night of the incident.

WPN are in negotiations currently for a copy of this recorded. We will have a transcript available if we can obtain this.

We hope to have the exclusive on this.

The investors that Mr Harris allegedly had psychically attacked were rushed to the Hurghada hospital to care for the injuries they suffered.

Any lasting scars, this we are unaware of at this time if any exist.


Mr Andrew Harris has appeared on WPN from time to time with regards to his alleged property scams, and his British disqualification for a Holiday property scandal.