Buy property in Abu Dhabi

Country:  Abu Dhabi

27 January 2009

Now is the best time to buy a property in Abu Dhabi, according to MD Real Estate (MDRE), a property company based in the emirate.

The Abu Dhabi property downturn presents potential property purchasers with a fabulous opportunity to bag a property at a bargain price, according to Amanda Clarke, director of marketing and business development, MDRE.

Clarke comments: "We believe a global financial crisis actually offers exciting potential for investors in the local real estate market.

"We see current market conditions offering a fantastic investment opportunity, especially in the longer term. There are an increasing number of properties available at below market value and just look at rental yields - globally New York at 4.5%, London and Shanghai 5% compared to between 13 and 17% in Abu Dhabi.

“Abu Dhabi is also well known for being one of the world’s richest cities and is currently recognised as having the largest Sovereign Wealth Fund. This simply means Abu Dhabi has little or no international debt and in turn is still enjoying economic growth and stability, unique in a challenged global economy.

“Although not immune to a global financial liquidity crisis, Abu Dhabi has not suffered the impact of the recession as much as other regional markets in the past few months. Of course there has been a slight slow down in demand but whilst government backed developers continue to secure funding for their schemes, we do not anticipate any real long term contraction in Abu Dhabi.”

The current property hot spots for property investment in Abu Dhabi include both Reem Island and Al Raha Beach, which both remain hugely popular with their clients, Clarke said.