Construction & Real Estate

Abu Dhabi free-hold property 'to be in big demand'

With the new real estate regulatory legislation coming into force this year, Abu Dhabi is likely to see a spurt in free-hold property, stated Nationwide Property Middle East, a pioneer in real estate marketing based in Abu Dhabi.

The correction of prices in the property market will encourage investors to buy properties and seize distinctive investment opportunities offered by the sector, it stated.

As per the study conducted by Nationwide Property, the studio price on Al Reem Island during the first quarter of this year was in the range of Dh680,000 ($185,086) to Dh1 million ($272,186), while one-bedroom price was between a million to Dh1.3 million, two bedroom from Dh1.3 million to 1.7 million, three-bed rooms from Dh2.85 million to Dh3.2 million and four-bed room unit for Dh3.5 million to Dh3.9 million.

In Al Reef, the price of a studio amounts to Dh650,000 and for one-bedroom ranging between Dh850,000 to 900,000, two bedroom unit for Dh1.14 million to Dh1.2 million and three-bedroom unit for Dh1.45 million to Dh1.5 million.

At Al Raha Beach, the price rate for a studio bedroom, ranges between Dh1.3 million to 1.4 million, one bedroom from Dh1.2 million to Dh1.8 million, two-bedroom units from Dh1.7 million to Dh2.3 million and three bedroom units from Dh2.6 million to Dh3.5 million.

Ahmed Mohamed Hilal Al Kabi, a board member of Nationwide Property Middle East, said that levels of demand for buying and selling have been stable in the property market during the last quarter of 2015 and the first quarter of this year.

"There are also good market prospects, as the new real estate regulatory legislation in the Emirate went into force at the beginning of this year, along with prospects of improving market activity during the second quarter of 2016," stated Al Kabi.  

Amin Al Qudsi, the head of Executive Office of Nationwide, said the real estate market in Abu Dhabi was witnessing a stage of maturity, thanks to a thriving investment culture between customers.

Al Qudsi also pointed out the importance of the real estate regulatory legislation in supporting the sector.

"The new legislation has helped in restoring confidence in the real estate market and encouraged many investors to buy new housing units," he added.

Nationwide Property Middle East, is established in 2011 and handles marketing of a number of free-hold projects in Al Reem Island, Al Raha Beach, Al Reef and Alsaadiyat Island.

The company has more than 40,000 employees and runs periodical reports on Abu Dhabi real estate market.-TradeArabia News Service