Releasing its first quarter (Q1) 2014 report last month, propertyfinder.ae, the UAE’s leading property portal, revealed that Al Reem Island continued to hold its ground as Abu Dhabi’s most popular community for investment, drawing in the most number of views on the site. The Abu Dhabi property market is showing strong signs of maturity as the emirate looks towards achieving its 2030 vision, in addition to being identified as one of the world’s fastest growing premium real estate markets.
“Our latest report reflects the huge uptick in Abu Dhabi’s property sales market. For instance, we see Al Reem Island enjoy a 30 percent and Hydra Village a 60 percent rise in property views on the site since the first quarter of 2013. Similarly, Saadiyat Island welcomed a 50 percent increase in views since quarter 2 last year. The recent decision by Abu Dhabi Municipality to issue title deeds to property owners who have purchased apartments from Aldar Properties has provided an additional layer of certainty for property buyers and is expected to attract longer-term investors to the capital,” said Renan Bourdeau, Deputy CEO of propertyfinder.ae.
The portal which hosted a networking evening at St. Regis Saadiyat Island Resort in Abu Dhabi earlier this week, said that the huge buzz at the event was reflective of the upswing in activity in the capital’s sales and leasing property markets. “Residential rents in the emirate have risen by over 10 percent during the first quarter of 2014, with the recent removal of the five percent rental cap greatly impacting leasing prices.
With affordability emerging as a serious concern for Abu Dhabi residents, we are seeing a trend similar to that in Dubai play out, with off-island communities such as Khalifa City and Mohammed Bin Zayed City becoming go-to choices for tenants. For example, in comparison to Q1 2013, views of properties in Khalifa City have risen by over 60 percent whilst those in Al Reem Island have seen a 14 percent increase – clear indications of the upbeat nature of Abu Dhabi’s rental market,” added Bourdeau.