abu dhabi could be next uae property hotspot
News Posted On: 26 July 2010
Increased supply is going to change the face of United Arab Emirates property according to Abu Dhabi estate agency Better Homes. Most people currently look to Dubai when looking to rent property on a residential basis, because there is more choice and prices are lower.
But, say Better Homes, this will change when the new developments in Abu Dhabi come online:
Overseas Property Professional magazine quoted Better Homes saying that it has noticed "an increase in price-conscious client enquiries within the residential sector” in the city and “while the residential leasing trend for Abu Dhabi’s professionals is still to live in Dubai where rental rates are lower and choice greater … the market will soon make the shift to quality, affordable living in Abu Dhabi."
"There are a number of Abu Dhabi residential projects in the pipeline,” says Better Homes operations manager Loshini Lawrence, which "once released, will give clients a broader variety of offerings. More landlords will competitively price their property accordingly."
When it comes to UAE property if we have learned one thing it is to take nothing for granted, because anything can happen.
The amount of wealth in the Emirates is so vast that people will always be moving there for work, both voluntarily and otherwise. Based on this it is likely that we have not heard the last of property booms in the Emirates fuelled by foreign demand. It is unlikely that Dubai will see such popularity anytime soon, and Abu Dhabi is a solid market, which has learned from Dubai's mistakes and could do well on the upswing.
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