Hitches & Glitches launches Abu Dhabi office
The office is set to tackle increasing market demand for smart home maintenance services
Hitches & Glitches (H&G), part of the Farnek Group, has announced the launch of its new office in Abu Dhabi.
Located close to the residential areas of Khalifa City A & B, Abu Dhabi Island and Reem Island, H&G’s office will tackle the increasing number of residential projects in the capital.
Pointing to figures released by real estate firm Asteco, an estimated 4,000 apartments and 1,500 villas were introduced to the market in 2014. This brought the total amount of residential housing stock to 238,000. In 2015, an additional 2,000 units were added to Abu Dhabi’s market.
Further projections from Asteco predict another 3,000 apartments and up to 1,000 villas to be added over 2016.
Sharing his thoughts on the potential growth, Lukas Eigenmann, operations director at H&G, said: “According to real estate reports at Cityscape, the average annual yield for investors across the city in Q1 this year was still a respectable 6%, even though the overall residential market was relatively flat.
“With more accommodation supply due and once combined with the economic slowdown, especially in the oil and gas sector, the residential rental market is going to become even more competitive.
“Landlords of aging and or poorly maintained properties will be at a distinct disadvantage, particularly as supply begins to outstrip demand and potential tenants focus on quality buildings, with a clear value proposition. This scenario is already playing out with the older buildings on Abu Dhabi Island.”
A large part of H&G’s recent success is attributed to the firm’s adoption of technology as part of its approach to home maintenance. In addition to incorporating the latest codes of practice and global standards, the company has introduced the use of mobile devices and smart home technologies.