Abu Dhabi Real Estate
Abu Dhabi’s real estate industry has witnessed considerable growth over the past five years. The sector continues to solidify its position as the preferred destination for investors. Overseas buyers are also showing increased appetite for properties in the emirate. Several factors are attributed to this rise.
One reason why the market is booming is the rising demand for residential properties. With a growing population, the number of people looking to rent is increasing. This makes the market a lucrative proposition for potential tenants. Also, companies are looking to rent residential properties in order to increase profitability. However, the oversupply of apartments and townhouses is still a problem.
Despite this challenge, the real estate in Abu Dhabi market is expected to be stable in the near future. In fact, Knight Frank projects that the UAE’s real estate cycle will reach its peak in 2021. As the economy grows, the demand for housing will also be strong.
Abu Dhabi Real Estate – Why Is It Booming?
According to the CBRE Research, the average price of housing in Abu Dhabi increased by 2.2% in August. However, this figure is lower than previous years. Although prices are expected to rise in the coming year, the pace is slower than earlier.
The Abu Dhabi real estate market is also impacted by a broader range of factors. For instance, lower oil prices, higher unemployment rates, and wider geopolitical issues are all expected to remain a constant concern. Nevertheless, the emirate is striving to keep ahead of the competition and is making efforts to improve its business environment.
Currently, the Abu Dhabi real estate sector is underpinned by investor-friendly rules and regulations. The emirate has recently introduced a new law, which aims to protect the rights of both developers and homeowners. Moreover, the government has issued Golden Cards, which enable foreigners to live in the country for up to ten years.
While buying a property, it is important to know the status of the real estate and the registration procedures. You will have to check the developer’s name and registration certificate. Additionally, you will have to sign a corresponding agreement with the developer. Furthermore, you will have to provide adequate funding to purchase the real estate. It is recommended that you contact a professional real estate agent who can help you through the purchase process.
Abu Dhabi has developed a sustainable and diversified economy. Tourism, oil and gas, and financial services are the three major sectors. Despite these diversifications, the emirate has maintained a high level of safety and stability.
The emirate has improved its infrastructure and the comfort of its residents. Meanwhile, it has stepped up its focus on developing its tourism industry. Similarly, it has also increased the availability of jobs. Thus, the economic activity of the UAE is projected to grow by 4.2% in 2021.
The emirate is a prime tourist destination, with plenty of attractions to offer visitors. Those who want to buy a property in the emirate may find it appealing to buy a holiday home.