Abu Dhabi Offplan Real Estate
UAE is one of the fastest growing economies in the world and the real estate boom now accounts for a major portion of its 200 billion GDP. Traditionally the economy was seen as synonymous to Oil but the UAE rulers have diverted their attention to create an environment free of its dependence on the liquid gold. Dubai and Abu Dhabi are the prime examples.
Dubai: Cashing on the opportunity
The development is such that in the recent years only six percent of Dubai's GDP came from oil sector, whereas the real estate sector accounted for nearly a quarter of the state's total income. Nearly 250,000 labourers are employed to work in the real estate sector. Mega projects such a Burj Al Arab, Palm Island, Burj Dubai continue to mesmerize the world and have put Emirates in the global limelight. Dubai port is the largest man made harbour in the world and some of the projects such as the Dubai Metro, are under construction.
After the demise of Sheikh Zayed, the new ruler of Abu Dhabi has embarked on an inspirational journey to match Dubai. Some of the main projects of Abu Dhabi, Al Raha Beach suburb, Saadiyat Island and Yas development have attracted multi billion dollar investments. For attracting more tourists new golf courses and resorts are being built. Large multinational firms are getting attracted to the natural resources of the city backed by its political stability and power. Real estate experts believe that it might be a perfect time to invest in Abu Dhabi's real estate before the prices get on par with the world's major financial hubs.
Official figures released by the Abu Dhabi Chamber of Commerce shows that the GDP is expected to rise by almost $160 billion dollars by 2010. Revenue of the island coming from non-oil sectors will also increase by about 40 percent. About $136 billion of investment is targeted for the coming two years. The demand for apartments is also on the rise and it far outweighs supply. Nearly 24,000 units would be needed in 2008 when only 11,000 are scheduled for delivery. Pretty soon the demand will catch on with supply therefore investors are well advised to invest now to reap the benefits of price hikes in the very near future.
