Abu Dhabi, 03 April 2019: The recent correction in Abu Dhabi’s real estate sector has resulted in a buyers’ market where investor sentiment is high following pro-active government incentives, according to exhibitors at Cityscape Abu Dhabi 2019 – the 13th in the annual series which runs at the Abu Dhabi National Exhibition Centre (ADNEC) from April 16-18.
Mesab Limited, the Abu Dhabi developer, which specialises in delivering real estate and community projects for global investors, believes that while the ongoing market correction is presenting challenges for developers and landlords, it is a silver lining for potential buyers.
“It is a big win for consumers who are now, more than ever, spoilt for choice,” said Mesab’s Tariq Allan. “Property prices are now below construction costs so, regardless of what happens in 2019, buying in this market represents fabulous intrinsic value.”
Allan says affordable communities are now outperforming more expensive “trophy” properties in Abu Dhabi, which represents the best time for buyers to purchase their own homes.
“Buying is viable for many as in most cases bank installments on mortgages are much lower than monthly rents. This means buyers are immune from rent increases,” he said. “The interest rates are quite low, ranging from 2.99% to 5%. The result of these monthly payments, unlike rent, is that people can own the homes they live in.”
Allan added that the increasingly competitive Abu Dhabi real estate landscape is delivering creative advantages for buyers, adding that “Apart from competitive pricing, developers are being much more pro-active in attracting new buyers with incentives such as 10-minute mortgage approvals, zero loan processing and property valuation fees, and affordable installment plans.”
At Cityscape Abu Dhabi, held under the patronage of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Mesab is planning to launch a new residential property – the 35-storey Park View – Al Reem, featuring 128 two and three-bedroomed apartments and duplexes. The company is targeting buyers of all nationalities with Allan saying recent government incentives, including the 10-year residency visa and five-year retiree visa, have revitalized the market.
Also readying to launch new projects at Cityscape Abu Dhabi is the UAE capital-based IMKAN Properties L.L.C, a wholly owned subsidiary of Abu Dhabi Capital Group, which has a portfolio of 26 developments of residential, retail, hospitality and commercial projects spanning 30 million-
The company will showcase four of its projects, AlJurf, a new coastal community, located between Abu Dhabi and Dubai along with Pixel, the first mixed-use development in 'Makers District”- the new heart of Abu Dhabi and Nudra, a luxury beachside villa community located on Saadiyat Island. It will also present one of their international project’s, Alburouj, a full mixed-use development in Cairo.
IMKAN also has high hopes for the Abu Dhabi sector, saying it is in “robust health” with significant growth potential.