Abu Dhabi has a lot to offer to its residents. Given its matured real estate market, you can get every type of apartment in Abu Dhabi to purchase that you get in Dubai. But, when it comes to financial stability, Abu Dhabi scores over Dubai.
In recent years, Abu Dhabi has undergone significant economic growth triggered by oil and gas business and strategic planning.
Why Purchase an Apartment in Abu Dhabi?
Economic stability is a solid reason for investing in an apartment in Abu Dhabi. The amendment to freehold ownership has opened up significant investment opportunities. According to the amendment, foreigners and expatriates can now invest in Abu Dhabi investment zones such as Al Raha Beach, Al Reem Island, Yas Island, and Saadiyat Island.
The amendment is a part of the Abu Dhabi Economic Vision 2030, which emphasizes broadening the economy from its reliance on the oil and gas sector to other sectors such as tourism, infrastructure, health, and education.
Following the amendment, many real estate developers have launched new projects in Abu Dhabi to provide a wide range of property options for investors.
Freehold and Leasehold Property in Abu Dhabi
There are two types of property ownership in Abu Dhabi–freehold and leasehold. With Freehold ownership, the investor has ownership of both the land and on which the property stands. The leasehold ownership allows ownership for a fixed period, and the maximum period is 99 years. Once the lease expires, it needs to be renewed, or else the owner of the entire property will go back to the freeholder.
Suppose you are a foreigner and are considering investing in a property in Abu Dhabi. In that case, the popular areas could be Yas Island, Al Maryah Island, Al Raha Beach, and Al Reem Island. And the affordable communities for buying properties in Abu Dhabi are Al Reef and Masdar City. Other freehold areas you can consider in Abu Dhabi are Saadiyat Island, Lulu Island, and Seih Al Sedirah.
Types of Apartments for Sale in Abu Dhabi
You will find many apartments for sale in Abu Dhabi, and the options include ready-to-move and off-plan apartments.
When purchasing an off-plan property, it is also a good option, given the significant benefits. Usually, you get to buy off-plan apartments before construction. And the payment of the property price is flexible, making such properties more affordable vis-a-vis a readymade property and encouraging investors to own a property in Abu Dhabi. Yas Island, Al Reem Island, and Saadiyat Island are popular areas where you get off-plan properties to buy.
Ready-to-move-in apartments for sale in Abu Dhabi come in a broad array of choices–studio, 1, 2, 3, 4, and 5-bedroom apartments. Purchasing an apartment in Abu Dhabi will entail an investment of AED 300K to AED 21M.
There are all kinds of modern amenities in the apartments, such as a laundry room, servant room, attached bathroom, terrace, or balcony.
Besides, shared amenities are also available in apartments in Abu Dhabi, like a gym, a swimming pool, and dedicated parking spaces.
Some apartments in the emirate also have dining restaurants, coffee shops, or supermarkets on the ground floor.
If you can spend a bit more, you can opt for duplex units and luxury penthouses in Abu Dhabi apart from the regular apartments.
How to Buy an Apartment in Abu Dhabi?
Once you finalize purchasing an apartment in Abu Dhabi, visit a reputed online platform to find a property for sale in Abu Dhabi.
You will find various properties, including all kinds of apartments, for sale on online platforms. Choose an apartment based on your budget and needs.
After you express your interest to the seller, you need to sign the terms of the agreement through a Memorandum of Understanding (MOU).
When you sign the MOU, you need to pay 2 percent of the property’s value to the real estate agency as a service fee and 2 percent to Abu Dhabi Municipality.
After you sign the agreement and make the payments, the developer will issue the ownership certificate, after which you need to pay AED 5k to the developer as an administrative fee.
However, if you are an expatriate and you can buy a property in Abu Dhabi only in designated investment zones of the emirate.
Conclusion:
Purchasing an apartment in Abu Dhabi is a good investment that entails a slew of benefits. You can now easily invest in different properties like a house, flat, company, apartments, etc. The latest amendment to the freehold ownership bill has also encouraged to invest in Saudi Arabia.
