Abu Dhabi’s real estate sector, appears to be showing a promising future as strong demand is expected to outstrip supply over the coming years. Rental grow rates of up to 65% over the last 12 months have resulted in a very low vacancy rates of 1% which is excellent.
One downturn of Abu Dhabi’s growth is the property price hikes home owners experienced in 2008. Prices overall have increased by 89% which has consequently resulted in reduced rental yields. Abu Dhabi is at the top of the regional chart when it comes to real estate, making it the most expensive city for rental and purchase in the UAE.
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Zaya, an Abu Dhabi based real estate development company launched Nurai back in May this year. Nurai is one of their many planned property ventures. It is a private community of limited edition beach front estates, as well as water villas, built on a natural island off the coast of Abu Dhabi.
Property owners on Nurai can have their own piece of real estate paradise only minutes from the city. Nurai provides world class service reminiscence of a stylish boutique resort.
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Ajman Property Law
In part 1 of our Ajman mini series we provided a general Overview of the Ajman Property Market. We established the fact that Ajman is definitely one of the regions in the UAE to keep your eyes peeled on.
Today we will look at Ajman’s new property law to give you more insights into your investment opportunities. Since the property law has been modified to legalize freehold ownership in Ajman, the rules seem much clearer.
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What have Tiger Woods, Boris Becker, Giorgio Armani, Greg Norman and Brad Pitt have in common besides being incredulously famous and rich? The answer is, they all support the property boom that is currently happening in Dubai.
Using these celebrities on a global scheme, marketing them in conjunction with new developments and ritzy hotels is supposed to drive more interest to this already wealthy city and emirate.
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The ultimate in luxurious living and prestige has just been signed by Tameer holdings, one of the leading real estate companies in the region. The cascading skyscraper development will contain 4 residential towers, stepped villas and townhouses, a commercial tower, a 7-star-luxury-business hotel, a private marina and a vibrant canal promenade.
Tameer has contracted Gensler to design this project which has been estimated to be worth some AED 100 million. The whole project is expected to reach some AED 13 billion (which is around $3.5 billion).
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Wednesday, April 9th, 2008
Posted by OP-Mall in
UAE Property
Sheikh Mohammad Bin Rashid Al Maktoum, Vice president and Prime Minister of the UAE and the ruler of Dubai has passed a new Escrow Account Law in 2007 that is set to gain control of the apparent developer mess that affects funds and delays.
The new legislation states that developers have to guarantee the correct use of funds for new project launches. With the late lack of confidence of investors in the market and the projected rise of UAE mortgage rates toward the end of 2006, the real estate regulatory body (RERA) has taken a big interest in watching the action closely to protect the integrity of new developments.
With the new rule, Escrow accounts must be managed by banking or financial institutions who are approved by the DLD (also referred to as Escrow agents).
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Abu Dhabi’s real estate sector, appears to be showing a promising future as strong demand is expected to outstrip supply over the coming years. Rental grow rates of up to 65% over the last 12 months have resulted in a very low vacancy rates of 1% which is excellent.
