Overseas Property Blog :: guide to international real estate investment

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Archive for the ‘Abu Dhabi Property’ Category

Tips to Buying Property in Abu Dhabi (UAE)

by Overseas Property Mall on Friday, September 14th, 2007 in Abu Dhabi Property, Guides and Tips, UAE Property

buyer-guide-final_abu-dhabi.jpgApproached from the sea Abu Dhabi’s densely packed high rise buildings give the impression that can grow no further but the reality is that planned expansion will increase the city’s area and population (currently about 1.8m) over the next few years.

Where to Look

The modern city of Abu Dhabi only dates back to the sixties and it is still a city trying to establish and nurture its character and create differentiation between neighbourhoods. The town plan on Abu Dhabi island conforms to a grid pattern with very high density building (20 storeys is normal) along the shoreline (The Corniche). New developments on other islands, some of them man-made, and the mainland are making great efforts to distinguish themselves with cultural features (Saadiyat Island’s Guggenheim Museum) or resort style attractions as with Reem Island or Al Raha beach. However, in several cases these developments are only at the planning stage, all-be-it far advanced.

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UAE: What Are The Investment Prospects for The Smaller Emirates?

by Overseas Property Mall on Wednesday, June 27th, 2007 in Abu Dhabi Property, Ajman Property, Dubai Property, Fujairah, Ras Al Khaimah Property, UAE Property

Administrative Map of the United Arab Emirates

Lacking the huge natural resources of Abu Dhabi or the world class infrastructure of Dubai, the smaller members of the United Arab Emirates do have developmental advantages of their own in terms of geographic location and tourist potential.

Ras al Khaimah (population 205,000), the northernmost of the emirates, close by the Omani enclave, reported investment of Dh 100bn in 2006 (approximately $25bn) with the tourism and real estate sectors being particularly active. However, the emirate’s economic plans place industrial development in the key position.

Fujairah (pop. 127,000) has the advantage of being the only UAE port outside the Persian Gulf. Strategic facilities are being constructed to take advantage of this, anticipating any military or naval action that could close the Straits of Hormuz at the mouth of the gulf. These include an oil pipeline from Abu Dhabi and a liquefied natural gas (LNG) storage hub.The latter is a project being undertaken by Dubai Multi Commodities Centre in conjunction with LNG Impel, part of Galveston LNG of Canada. The go-ahead for this important project, representing a capital outlay of Dh 8bn, is contingent on arrangements for Qatar to use the facility. The Fujairah authorities have plans to reclaim two square km from the Arabian Sea for the project.

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“Hot Real Estate with A Twist” – Rotating Tower Jumeirah Village, Dubai

by Overseas Property Mall on Friday, April 13th, 2007 in Abu Dhabi Property, Dubai, Dubai Property, Middle Eastern Property, New Development Alert, UAE Property

Finally got hold of a quality rotating tower video. This is an interesting piece from CNBC on good old Dubai featuring the rotating tower in Jumeirah Village….it’s a US$350m off plan 68-storey hotel condo & office tower designed by Italian architect David Fisher. Each floor individually rotates 360 degrees, constantly changing the shape of the building.

[youtube]yxCDsdXjK14[/youtube]

Updated June 25 2008

Here are more details on the project that is due to be complete in 2010

[youtube]1A8QaKGSM5M[/youtube]

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How The World’s Richest City Spends its Money

by Overseas Property Mall on Monday, April 2nd, 2007 in Abu Dhabi Property, International Real Estate Trends, Middle Eastern Property, UAE Property

Abu Dhabi, an obscure – yet substantial – oil producer in the Middle East is seeking to take the world by storm in it’s largest up scale venture.

Abu Dhabi Cityscape

The precedent has already been set by it’s neighbouring city, Dubai, which became a global commercial and tourist hub when it’s oil supply began running low creating a necessity for wealth replacement. Part of Dubai’s step to recovery included the $1 billion Burj Al Arab hotel, looser land sales laws, and what will become the world’s tallest building among other things. Although many believe that Dubai was built too quickly and urgently, it continues to be a stronghold in the Middle East and is giving Abu Dhabi a good run for its money.

Sheikh Mohammed bin Zayed al Nahyan, the 46-year-old crown prince of Abu Dhabi, has high hopes of putting his little city on the world map. Considered the richest city in the world, each of Abu Dhabi’s 420,000 citizens are worth $17 million. Over $1 trillion is invested worldwide by this one city alone, and an unfathomable amount of money is being put right back into its soil.

Etihad Airways, one of Abu Dhabi’s first projects along with its $6.8 billion airport expansion, included an $8 billion order with Airbus. Although it covers all major destinations in the globe, the successful airline industry of Dubai makes Abu Dhabi’s seem pointless and so far apparently unprofitable. The immaculate Emirates Palace hotel was soon to follow with suites costing between $1,000 and $10,000-per-night. The practicality of the hotel is debatable as it seems to serve as a landmark rather than a place of lodging. However, with popularity being the primary goal for this city, it serves it’s purpose well.

The most crucial change in Abu Dhabi has been the relaxing of it’s property ownership and selling laws to allow foreigners 99-year leaseholds and giving citizens the ability to sell land. Native investors that have settled in Dubai are now returning to their home city in a bid not to miss this ‘gold rush’.

Abu Dhabi’s most recent endeavour is Saadiyat Island (meaning island of happiness in Arabic), a glowing $30 billion island with two golf courses, 29 hotels and enough housing accommodation for 150,000 people. Numerous other features on the island make it the ideal tourist destination.

Will the world notice Abu Dhabi’s gigantic strides in creating an empire of wealth? Only time will tell, and perhaps one day Abu Dhabi will be to the Arabia what Tokyo is to Japan. Read more on CNNMoney.

Remember to join our forum and talk PROPERTY…

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International Property News Beat

by Overseas Property Mall on Wednesday, February 7th, 2007 in Abu Dhabi Property, China Property, International Real Estate Trends, Japan Property, Mexico Property, Property Industry News, Property News Summaries, Turkish Property, UK Overseas Property Trends, UK Property, United States Property

We start the international property news beat on a light note with a post from Curbed L.A’s Celebrity Real Estate Wrap on Celebs (Tom Jones, Rudolph Velentino & Kirk Kerkon) moving homes.

And the major headlines -

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Abu Dhabi projects pass the $100 billion mark

by Overseas Property Mall on Tuesday, January 16th, 2007 in Abu Dhabi Property, UAE Property

What a different a couple of years can make in the Gulf. From a standing start the emirate of Abu Dhabi now has more than $100 billion of real estate projects in hand.

Not surprisingly interest in these development projects is huge, and the third edition of the annual Abu Dhabi Real Estate and Investment Show – which will be held at the International Exhibition Centre in Abu Dhabi from March 21-24 – is set to be the biggest yet with 6,500 square metres of exhibition space.

To date Abu Dhabi projects have been concentrated in the hands of six major local developers – Sorouh Real Estate, Aldar Properties, Al Qudra Holdings, Tamouh Investments, Al Rayan Investments and Hydra Properties, and have been large scale.

The $100 billion total includes the $40 billion Yas Island, $27 billion Saadiyat Island, $15 billion Al Raha Beach, $9 billion Danet Abu Dhabi, $8 billion Najmat Abu Dhabi, $3 billion Shams Abu Dhabi and $2 billion Capital Centre.

Population to double
Middle East real estate investment advisor RSP Group estimates that 250,000 new housing units will be required in the UAE capital to accommodate a doubling of the local population to two million over the next decade.

But building on this scale is going to require a huge mobilization of contractors and building materials at a time when the boom in neighboring Dubai has severely stretched the available capacity leading to construction delays and quality issues.

However, Abu Dhabi’s political will and financial strength is not to be underestimated. This is not a place noted for oratory or big statements. Rather there is a quiet commitment to get on with the job, and Abu Dhabi surprised everybody by getting its real estate law in place before Dubai.

There is also a depth of wealth in Abu Dhabi that is possibly unmatched by any city in the world. Ten per cent of the world’s oil, extractable at the lowest global costs and huge gas reserves; an investment fund that is rumored to be valued at $500 billion; and an oil and gas infrastructure that is both established and paid for, unlike say Qatar which is in the process of making huge investments with borrowed capital.

Political stability
The emirate is also noted for its political stability and the popular regime established by Sheikh Zayed, the first president of the UAE, which is now being continued by his son Sheikh Khalifa who has gathered a strong group of young technocrats around him.

This energetic collection of young nationals is behind a new strategy for economic growth concentrating on areas where cheap energy sources provide a comparative advantage, as well as the expansion of the existing oil and gas facilities.

Given the likely continued bull market for energy due to demand from new economies like China and India, Abu Dhabi’s future looks particularly bright, and the $100 billion in new real estate projects should be seen in this context, although clearly not without challenges for those involved.

Source: AME Info

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Challenges ahead for Abu Dhabi property in 2007

by Overseas Property Mall on Monday, December 18th, 2006 in Abu Dhabi Property, UAE Property

Abu Dhabi PropertyAbu Dhabi Real Estate

The most recent Gulf State to join the wave of property ownership reform, Abu Dhabi is both uniquely well advantaged and determined to move ahead in 2007. There will be the first sales of off-plan apartments to foreigners on 99-year renewable leases, and the mobilization of huge construction sites.

But this is also going to be a year of considerable challenges for the sector which is somewhat late to market. The main danger is that market conditions will change. That might mean a softening of oil prices, or a downturn in the neighboring Dubai market where Abu Dhabi investors have been very active.

However, Abu Dhabi is the wealthiest city in the world per capita, with both 10 per cent of the world’s oil in the ground and an estimated $500 billion investment fund, and if deep pockets are required to overcome short-term market changes then this emirate is uniquely advantaged. Even in the worst possible circumstances Abu Dhabi will not run out of money.

Very wealthy city
This is unusual in the world of property development where high leverage, big risks and big gains for the astute or lucky are the name of the game. Abu Dhabi is more like a very wealthy person who decides to build themselves a new house; market conditions are irrelevant, it is the new house that counts.

It is this environment that makes Abu Dhabi attractive to global property funds who prize security of asset values above the opportunity to make a fast buck.

Yet if the Dubai off-plan property bubble implodes in 2007 this will present Abu Dhabi real estate companies with a challenge, as buyers would certainly take fright. Their response would likely be to keep on building in the knowledge that by the time high-rise developments were completed the sales would materialize, or else the developers would have to treat their units as rental property.

Innovation necessary
At the same time, Abu Dhabi developers are adopting innovative methods to find the contractors and building materials required to mobilize huge construction sites in the face of the competing demand from the boom in the other emirates.

Expect to see more contractor joint ventures like the one announced by Aldar Properties as this may be the only way to secure the necessary construction capacity.

All over the Middle East the oil boom is putting immense pressure on the existing supply of human resources, and recruiting such talent abroad and training people to work under local conditions takes valuable time.

This factor and the inflation in building material costs and shortages of supply are likely to plague the industry even more in 2007 than in 2006 as construction programs hit peak levels. What it means in practical terms is that delays to projects will be an increasing factor in the marketplace.

But for Abu Dhabi property 2007 will be an exciting year as the vision starts to become a reality and much more off-plan property becomes available.

Source: AME Info

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Why buying Abu Dhabi property is a no-brainer

by Overseas Property Mall on Tuesday, September 19th, 2006 in Abu Dhabi Property, UAE Property

Abu Dhabi property investors have everything stacked in their favor, except that it will be a couple of years before they can take delivery of their new homes. And that probably goes for short-term and long-term investors in the world’s newest real estate market in the world’s richest per capita city

How often in life do you stare a gift horse in the mouth and later regret it? Sadly most of us have a few regrets when looking back at past investments. If only we had sold then, if only we had bought when prices were cheap. Dubai property is a good example. How many people who said it was a bad idea to invest three years ago would still say the same today? Not many, these are the same folk now waiting for a market crash in Dubai that may never happen. The more intelligent people who missed out on the Dubai real estate boom have shifted their attention to Abu Dhabi, the capital of the UAE which is some 100 miles down the road from the brash commercial and leisure centre that is modern Dubai. For Abu Dhabi has embarked on a similar expansion of its real estate sector, albeit arguably at a slower pace. Supply shortages

Now some commentators are pointing a finger and saying that Abu Dhabi has moved too slowly, and will now take a long time before delivering its mega projects to investors. But in the world of property investment a little patience can pay big dividends. Most critically the very evident shortage of accommodation in Abu Dhabi is going to get much worse before it gets better. Being a capital city of a leading oil producer in an oil boom has put enormous pressure on the real estate sector. Huge rent hikes will continue in Abu Dhabi even as a supply of new property begins to cool rental rises in Dubai. So where are the biggest real estate capital value increases likely to be felt, Abu Dhabi or Dubai? It makes sense that capital values will increase most where the supply of property is most under pressure, and that will be Abu Dhabi for many years ahead. New market

And let’s not forget that the Abu Dhabi real estate market is undergoing a fundamental change even bigger than in Dubai. For formerly property could not be sold by nationals, and now both nationals and expatriates can own property that can be traded as anywhere else in the world. In short, this is the start of a completely new property market in the city with the world’s highest per capita income. Presently property is selling at a large discount to comparable international cities, and it will be hard not to make a profit from such an opportunity.

Source: AME Info

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DAMAC introduces its first freehold projects in Abu Dhabi

by Overseas Property Mall on Friday, May 5th, 2006 in Abu Dhabi Property, New Development Alert

Luxury lifestyle provider, DAMAC Properties, announces its spectacular “Double Debut” in Abu Dhabi with the launch of two prominent real estate projects. Dolphin Towers, a three-tower structure, including 400 one, two, and three bedroom luxury condominiums and 10 exclusive sea facing townhouses, will be located within the stunning Al Raha beach development. Oceanscape, an iconic mixed-use undertaking, including 184 one, two, and three bedroom apartments with state of the art finishing and 8 townhouses, is due to be positioned on the renowned Al Reem Island.

The company has in place a Memorandum of Understanding (MOU) with Abu Dhabi Commercial Bank (ADCB) to provide mortgage financing for all customers wanting to buy properties in each of the newly launched developments.

Under the terms of the MOU, ADCB will provide a very competitive processing fee and interest rate, as well as 90% financing for a period of 25 years. Buyers into both properties will pay a AED 500 monthly installment throughout the period of construction. DAMAC will also provide mortgage financing through Union National Bank (UNB), a leading institution with wide reach inside the UAE. The bank’s extensive number of branches will provide clients from around the country with the opportunity to apply for a highly competitive mortgage financing scheme of up to 90% financing for a period of 25 years, thus enabling them to buy into DAMAC’s newly launched stunning projects within the UAE capital.

The Dolphin Towers project encompasses apartments with stunning sea views and the latest in smart home technology. Each townhouse exudes exclusivity and comfort, while including its own private swimming pool and sit out garden. Its luxury amenities include a marina, boardwalk and promenades, an infinity pool, health club, steam and sauna, gymnasium, a gourmet food court, 24 hours maintenance and security, ample parking space, concierge service, a guest lounge and meeting room for business gatherings, as well as an abundance of retail outlets at ground level.

Oceanscape provides the ultimate in luxury lifestyle. Its sea facing location and ultra modern design will make it the most sought after address in Abu Dhabi.

At Oceanscape every townhouse will include a private swimming pool. The real estate endeavor will comprise a number of high-end amenities, including an infinity pool overlooking the mangroves and the sea, a state of the art health club, Jacuzzis, steam rooms, saunas, relaxation and massage rooms, as well as a pharmacy, boutique shops, restaurants, cafes, and a Children’s play room and AV centre.

All Oceanscape customers will experience piece of mind with round the clock security, maintenance and concierge services, ample parking space, smart elevators that enable fastest access to each floor, along with smart home technology with electronic access system.

“Our ‘Double Debut’ in Abu Dhabi is a natural progression towards a prosperous future for DAMAC Properties due to the substantially strong growth potential of the Abu Dhabi real estate market”, said Hussain Sajwani, Chairman of DAMAC Holding. ”

Since I started my contract catering business in Abu Dhabi 24 years ago, my dream was to build a leading regional business conglomerate. From a young company in the UAE capital, DAMAC Holding has grown into a major regional player in a wide variety of businesses with 5000 employees in 16 countries. While aiming to diversify the group’s activities, we launched DAMAC Properties 10 years ago, and today, the property company has grown tremendously to become the Middle East’s most prominent private sector developer”, commented Sajwani.

He added: “Due to our stong faith in Abu Dhabi’s economic growth over many years, we have devised a long term plan for our real estate investments within the UAE capital city and promise to launch many more exciting projects, going forward”.

Sajwani reiterated: “Our belief in Abu Dhabi’s potential stems from the government’s strong commitment towards developing its real estate industry substantially, as evidenced by its introduction of a number of highly ambitious master planned developments. Investors have reacted by expressing tremendous interest while launching a number of spectacular projects “.

The property company was recently honored with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (www.damacproperties.com) at a ceremony in London on 4 November 2005.

The Bentley International Property Awards, now entering their 11th year, have been described as the ‘Oscars’ of the property industry. The aim of the awards is to distinguish the highest levels of achievement in a range of property-related fields. Categories cover a wide range of property and real estate related activities and services, including Development, Interior Design, Architecture, Property, Advertising, Marketing, and Estate Agency Services.

The total value of DAMAC Properties’ projects is over AED 10 Billion. It is a subsidiary of DAMAC Holding, an accredited ISO 9002 company that has grown into a global conglomerate with more than 5,000 employees in 16 countries. Being the first private developer to make a commitment to Dubai’s real estate market, DAMAC properties has become a market leader with a strong sales record to its credit.

Source: Strategiy.com

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RAK Properties to invest $381m

by Overseas Property Mall on Sunday, February 26th, 2006 in Abu Dhabi Property, Dubai Property, Ras Al Khaimah Property

The UAE’s RAK Properties is planning to invest Dh1.4 billion ($381.2 million) this year in new luxury developments in the emirate of Ras Al Khaimah and is looking for joint ventures in Dubai and Abu Dhabi.

Mohammed Sultan Al Qadi, the company’s chief executive, also said he thought the firm’s shares, traded on the Abu Dhabi stock exchange, had fallen too low.

‘It should be better…It has been as high at Dh4.8 (dirhams)…with a company like ours with over 70 million square feet (6.503 million square metres) given free by the government we have large assets,’ Al Qadi said.

In November, Ras Al Khaimah, one of the seven emirates in the UAE, issued a decree allowing foreigners to own real estate in RAK Properties projects, following Dubai which kicked off a property boom by allowing limited foreign ownership in 2002.

Al Qadi said he did not expect profits to surge as a result of the law as RAK Properties was facing competition from four other real estate firms in Ras Al Khaimah, although he expected the overall property market to grow 20 to 30 per cent this year.

‘The supply and competition is high and we don’t think the margins will be very high but they will be reasonable.’

Al Qadi said the company was planning to invest Dh1.4 billion in new luxury developments in Ras Al Khaimah this year.

The firm has already started work on a project worth over Dh20 billion in Ras Al Khaimah which will include 10 five-star hotels and almost 4,000 residential units set to be completed by the end of 2008.

Other projects include a residential complex centred around a golf course, two residential towers, and a Dh5-billion residential and commercial development modelled on Dubai Marina, a complex of luxury residential towers outside downtown Dubai.

Al Qadi said he was setting up a financing company with a capital of around Dh1 billion to fund projects for RAK Properties, which he says has capital of Dh2 billion.

‘We have sufficient funds at our disposal for the next few years,’ he said.

Al Qadi said RAK Properties was looking to form a joint venture with one or two firms in Dubai or Abu Dhabi and would seek to enter the medium to lower end of the market.

‘We’ve been talking but it hasn’t taken (on) seriousness yet,’ Al Qadi said. ‘It will likely be with one or two companies… If a good opportunity comes I may move tomorrow.’

Al Qadi said he saw strong demand continuing in the next five to 10 years in the Dubai property market but much of the growth would come in the medium-to-low cost sectors because of an oversupply of luxury projects.

‘In Ras Al Khaimah, we want to show something unique, but if we go somewhere else they may not need deluxe or super-deluxe, they may need middle or lower, and we’ll need to meet that demand,’ he said.

Source: Trade Arabia

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