Abu Dhabi real estate market claws itself out of a price hole

While everybody talks about coronavirus disease, running rampant every here and there, we concentrate on more felicitous news that can bring you wealth and joy. Real estate is one of it.

It’s hard to leave out in the cold the UAE capital Abu Dhabi. Latest reports on the local market say that it shows healthy conditions after it has opened up freehold property ownership to foreign investors. The current situations shows that in the recent future it will be the best period for buying up, as the market prices are likely to bottom out in the near to mid-term.

A long-term decline, that faced UAE market due to enormous excess supply and a significant drop in global oil prices, has eventually come to an end. Government policy is aimed at incentivizing investors and a well-structured planning of further development. As a result it has formed a committee for real estate planning in order to strengthen collaboration of government-related entities and private firms.

Analysts are sure that foreigners now start to pay a lot of interest to the local market in the capital of the UAE due to changes in the law, according to which foreign expats will be able to buy real estate in full ownership in 15 investment zones of the country. The provision of 10-year visas to investors will support and fuel the local market for sure.

In the upcoming three years, from 2020 to 2023 another 28,000 residential objects will appear on the Abu Dhabi market, in addition to the already existing 258,000, writes Arabian Business. Government initiatives are designed to stimulate the Abu Dhabi real estate market this year. As for office and commercial areas, there expected over 392 000 of square meters to be delivered by the same period of time. It is a 10.6% increase in regard to the current total stock.

 New laws provide broad opportunities for developers to create schemes for attracting buyers and investors in various sectors of the market. For example, in the office segment, owners reduce service fees from tenants and also provide free rental periods to maintain high occupancy rates.