Freehold

ALRaha  Beach   Al Raha Beach is the natural geographic gateway to Abu Dhabi, the capital city of the UAE read more Shams Abu Dhabi   The project will be carried out in phases on an estimated area of 1.32 million square meters read more AL Reem Island   Reem Island will form the platform for some of the most stunning developments that will emerge from Abu Dhabi in the next five years or so read more Future view For exclusive offers on Freehold in Abu Dhabi. We have the largest selection . Please contact us for more information ÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜ ÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜ

Massive oil revenues with oil reserves expected to last for a century at current capacities notwithstanding, Abu Dhabi has sought to steadily diversity its economy in the recent past. Sectors such as tourism, aviation, banking and finance, manufacturing and infrastructure have seen a particularly large inflow of funds. But, 2005 will be remembered as a year that has provided a very pointed indicator to the tremendous potential in the hitherto low-key real estate environment in Abu Dhabi.

The passing of a landmark decree in March by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, allowed UAE nationals the right to buy and sell land in Abu Dhabi after five years of ownership. The government also established a land registry system in the Department of Municipalities & Agriculture. Every property granted by the UAE government to a citizen is the person’s property and will need to be registered.

In August, a new property law was issued whereby foreigners can buy and sell property in specific investment areas. The law enables expatriates to own property under a 99-year land title agreement or a renewable 50-year surface area ownership deal. GCC citizens can own property within designated investment areas whereas UAE Nationals (or companies wholly owned by UAE nationals) can own land anywhere within the emirate of Abu Dhabi.

The two developments have been greeted with widespread enthusiasm by businesses, financial institutions and of course by prospective investors. As if to reflect the buoyancy in the market, ALDAR’s first phase development of the AED 54 billion Al Raha Beach Project that offered 363 villas to UAE nationals was snapped up in an hour.

Over the last few months SOROUH Real Estate has officially launched its first project Shams Abu Dhabi, a major development of approximately one third of Al Reem Island, located 300 meters off the northern shore of the capital.

A raft of other mega construction projects are in progress in Abu Dhabi including the rest of Al Reem Island (USD 9.5 billion), The Abu Dhabi Airport Expansion (USD 6.8 billion) and the construction of the Autopolis (USD 2 billion). More multi billion projects are in the pipeline. According to a study commissioned by ADNEC (Abu Dhabi National Exhibitions Company) on the building construction sector in the UAE, the total estimated value of building construction projects to be awarded by 2007 is a whopping AED 47 billion. With the easing of regulations on land and property ownership as well as a rapid expansion of infrastructure projects, the emirate of Abu Dhabi has emerged as one of the most dynamic markets for the construction and property sectors in the region.