Sorouh: No glut here

Sorouh executives insist the much-discussed over-supply of homes in Abu Dhabi is not affecting their property on Reem Island.

"The game changer here is the facilities," said chief operating officer Gurjit Singh as he showed journalists around the pool deck of the 74-storey Sky Tower.

The Sun and Sky complex, which started handing over apartments to owners in March, is part of a wave of residential construction completing in the capital. As much as 11,000 homes are scheduled  to come online in the next few months, putting further pressure on sale and leasing prices, according to Jones Lang La Salle.

But Sorouh managing director Abubaker Seddiq Al Khouri said older buildings are dropping their prices, not the new luxury developments.

In Sun and Sky "leasing is quite stable," Mr Al Khouri said. "But I don't deny there might be an affect on older units in Abu Dhabi."

Mr Al Khouri also renewed the call for lower mortgage interest rates in the the UAE. That story can be found here.