Abu Dhabi’s new property legislation is a big step forward for confidence.
As I look ahead to 2016, oneof the most significant developments for our industry (real estate) is the introduction of the Abu Dhabi real estate law.
We aim to appeal to a broad investor base, from owner occupiers to investors and corporates as well as engaging with buyers who may be UAE nationals or expatriates. All of these audiences have varying knowledge of the Abu Dhabi market, and any move that supports the transparency of off plan sales and the formal handover of operation of existing multi-owned properties to the owners is a positive step strongly supported by Aldar.
Abu Dhabi offers attractive options for people looking to buy a primary residence, second home or investment property. The new real estate law will provide increased transparency and protections for investors around off-plan sales but also, equally importantly, it will enable our existing customers living in our existing multi-owned properties to formally take more control over the way their building is operated and maintained through the membership of an ‘owners association’. This, we hope, will make the Abu Dhabi real estate market more attractive to an even greater number of people.
Abu Dhabi is becoming known as a global growth destination. As the economic diversification of the Emirate continues, we anticipate that the demand for homes will continue. A decade or more ago many expatriates would come to the capital with the intention to stay for a year or two before returning to their home countries. Now we see more and more people putting down roots and deciding to buy a family home. The new real estate law will provide greater transparency and protection to off-plan buyers and existing multi-owned property owners which we hope will increase confidence among our new and existing customers. Abu Dhabi will be an increasingly attractive place to buy.
The establishment of owners associations, known as homeowner associations in some places, will bring Abu Dhabi in line with many other global cities. With an increase in owner-occupied residences, we see this as an important development that will allow people to have a meaningful voice in the direction of how their buildings are managed.
Overall, as we look to 2016, we see a number of reasons to be positive about the Abu Dhabi real estate market. We have seen sustained demand for quality residential properties that are located in the emirate’s most desirable destinations. Also giving us reason for confidence is that we are seeing new buyers and an increase in owner occupiers. This tells us that people are putting down roots and taking a longer term view on the market, all supporting Abu Dhabi’s ongoing growth trajectory.
Mohammed Al Mubarak, CEO of Aldar.