When it comes to overseas deals Clear Property Investment is keeping a keen eye on developments in Abu Dhabi.

This gulf state is to have $15 billion dollars spent on its infrastucture over the next two years, including a metro system reaching from one end of the city to the other. Other projects will involve airport developments and nuclear energy. As a result of this the city will play host to thousands of construction, and later, business jobs. In total around 55,000 properties are expected to be built in Abu Dhabi to satisfy increasing demand.

Cluttons association Harry Wickes told the Sunday Times: "Infrastructure projects are driving demand for real estate and could employ up to 14,000 people in the next few years. They will have to come and live in Abu Dhabi."

Luxury developments include the Sun and Sky Towers on Al Reem Island which are due to open this December. These are one of three approved Government areas for ex-pats. The other two are Al Reef and Al Raha Beach. The problem is those wishing to purchase who were not born in the UAE or Gulf States can buy homes only in designated areas.

Independent consultant Charlie Acworth explained: "Abu Dhabi is a good place to invest long term but it needs to sort out various legal aspects such as the registration of land titles. And there also needs to be clarity regarding rights as an expatriate or non-resident owner."

In a recent survey Abu Dhabi was ranked alongside Frankfuhrt in 50th place as one of the most expensive cities in the world which to live.

Despite a population of just 1.4 million, it's the wealthiest of all the UAE states and subsidises some of the smaller emirates. Most of Abu Dhabi's wealth is from natural resources - petrol and gas but economists expect tourism and property to account for almost half its total GDP output as time goes on. By 2015 the population is also expected to have more than doubled, hitting the 3.4 million mark.

Although the city has undergone many changes since the 1970's old traditions and culture are upheld. Locals tend to dress traditionally with women wearing a black abaya (long black robe) and headscarf.

The country's official language is Arabic but the visitor will also frequently hear English, Hindi and Urdu.

For further information on property investing in Abu Dhabi's and elsewhere contact any of our investment team.

 

 

 

 

 

 

 

 

 

 

 

 

 

View other news from October 2010