Abu Dhabi: a hidden gem of the UAE or a competitor to Dubai?
- Abu Dhabi: What are the prospects for this unique emirate?
- How is Abu Dhabi becoming a competitor to Dubai in the real estate market?
Abu Dhabi, the capital of the United Arab Emirates and the emirate of the same name, holds an important place in the political, economic, and cultural life of the country. This city is not only the administrative center but also plays a significant role in the economic prosperity of the entire region.
Comparison with Dubai
Despite Abu Dhabi's achievements, international citizens often show greater interest in Dubai. Both cities offer a high quality of life, but Abu Dhabi remains in the shadow of its more famous neighbor. Despite the map, many outside the UAE have a limited understanding of the city.
Historical context
The reason for this phenomenon is that the authorities of the emirate did not pay enough attention to the development of the real estate market for foreigners in the past. Nevertheless, Abu Dhabi has good infrastructure and highly developed services.
- In Dubai, a large part of the population — up to 95% — consists of immigrants.
- In Abu Dhabi, the ratio is quite different: 80% of the population are locals, while foreigners make up only 20%.
City structure
Abu Dhabi is known for its numerous government institutions and its evenly organized division into districts. The streets are symmetrically arranged, giving the city a unique sense of order. Along the coast stretches a unique "jagged" line with many artificial islands, creating incredible landscapes.
Standard of living
This emirate has one of the highest standards of living in the world; however, access to its benefits requires the right resources. This is one of the reasons why Abu Dhabi ranks 50th in the global list of the most expensive cities.
Investment climate
Since 2019, a new era in attracting foreign investment has begun in Abu Dhabi. During this period, foreigners were allowed to purchase real estate under freehold conditions. Additionally, two years ago, the land tax on purchases was abolished, making the market more accessible.
- The land tax in Dubai is 4%, while in Abu Dhabi it has been reduced to 2%.
- Since 2006, the city has been actively attracting foreign investors, which has led to significant successes.
The future of Abu Dhabi
Although the current level of foreign investment in Abu Dhabi's real estate is still lower than in Dubai, experts predict changes. In the future, it is expected that Abu Dhabi's brand recognition in the international PR environment will increase.
The city has every chance of occupying a unique position among international investment centers. This will help attract even more foreign investors and significantly strengthen its economy.
Transformation of Abu Dhabi
In recent years, Abu Dhabi, the capital of the United Arab Emirates, has been actively transforming itself in an effort to catch up with Dubai, known for its high standard of living, and to become a worthy competitor. These changes have led to a significant revival in the real estate market, especially in the segment attracting foreign investors.
Over the past two years, the number of foreign buyers has noticeably increased.
Developed infrastructure
Abu Dhabi delights both locals and visitors with its well-developed infrastructure. In the capital, you can find:
- great roads;
- a wide network of public transportation;
- hotels that meet international standards;
- high level of educational services;
- high-quality medical care.
Particular attention should be paid to the quality of the beaches, which, according to many, is even better than in Dubai. This factor becomes especially important for foreign citizens considering a move to a country with a warm climate and hot summers.
Real estate for foreign citizens
As of today, there are no restrictions on property purchases by foreigners in both Abu Dhabi and Dubai — there is the possibility of full ownership of certain plots of land. The difference lies in the property registration taxes:
- In Abu Dhabi — 2%;
- In Dubai, it's 4%.
Free land in Abu Dhabi
As for freehold land in Abu Dhabi for interested foreign buyers, most of these plots are located on artificial islands. Among them, we can highlight:
- Saadiyat Island;
- Reem Island;
- Marina Island;
- Yas Island.
Reem Island is a business district filled with skyscrapers and relatively affordable housing. Yas Island has become a true center of tourist activity in the UAE and has offered many unique real estate projects; moreover, it provides extensive golf courses.
Saadiyat Island can be considered a luxury resort with low-density development, featuring high-end hotels, exclusive villas, and residential complexes with apartments located near the beach. Marina Island is a small island with several residential projects, just a five-minute drive from the Sheikh's palace.
Prospects of the real estate market
According to experts' forecasts, by the end of 2023, there will be over 28,000 new residential properties on the Abu Dhabi market, which will further increase interest in real estate in this emirate.
Current prices
As for current housing prices, the average cost per square meter in Abu Dhabi ranges around:
- 9300 dirhamsabout2532 dollars) for the studio;
- 10,300 dirhamsApproximately2804 dollars) for the apartments;
- 6900 dirhamsApproximately1878 dollars) for the villas.
Faced with such favorable conditions, many investors view Abu Dhabi as an excellent place for investment, which, in turn, will contribute to the further development of the real estate market in this dynamic and rapidly evolving emirate. It is not surprising that, despite existing economic challenges, interest in residential and commercial projects in Abu Dhabi continues to grow.
Conclusion
In conclusion, I would like to emphasize that Abu Dhabi, while remaining somewhat in the shadow of the more popular Dubai, is a unique and promising destination on the map of the UAE and the entire Middle East. This city is not only the political and economic center of the country but also offers its residents and foreign investors...high quality of lifethat is constantly improving.
Today, as various government initiatives aim to attract foreign investments, Abu Dhabi is confidently moving towards its new status as a global metropolis.
The potential of the real estate market
Today, the potential of the real estate market in the emirate presents exciting opportunities for investors. The development of modern residential complexes, high-quality infrastructure, andattractive tax policyThey make Abu Dhabi an ideal place to live and work.
Key advantages of Abu Dhabi:
- Modern residential complexes
- Developed infrastructure
- Attractive tax policy
I believe that this city is rapidly enhancing its image and becoming increasingly interesting for expats and tourists who are looking for not only comfort but also cultural experiences.
Unique lifestyle
As we observe the development of new projects and an increase in favorable conditions for foreign citizens, we should not forget that Abu Dhabi offers a unique lifestyle that combines Arab traditions with modern architecture.
Ultimately, despite Dubai still attracting many luxury and leisure enthusiasts, Abu Dhabi is becoming an increasingly prominent player on the international stage each year and certainly deserves more attention.
We hope for the future.
I sincerely hope that this will lead to a growing interest in this captivating emirate, as well as new opportunities for everyone considering relocating or investing here. Abu Dhabi is not just the capital of the UAE; it is a place whereThe future is already starting to manifest today..
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