Abu Dhabi is the capital of the United Arab Emirates and is the biggest of the country' seven cities located less than 200km away from Dubai desert safari in dubai. Though Dubai has become an emblem of wealth and wealth, Abu Dhabi is actually stronger and richer boasting 10% of the world's petroleum reserves and extremely rich sovereign Wealth Funds.
Abu Dhabi is following in Dubai's footsteps by implementing plans to diversify the economy and get away from dependence on the energy sector. In September 2007, the administration released Plan Abu Dhabi 2030 which outlines the city's evolution over the in the next 20 or so years, with emphasis on developing the industrial, tourism and real estate sectores.
The city has announced over US$270 billion in real estate development projects, and in 2006 the doors were finally opened for international investors.
Future development is organized in the same way as Dubai with distinct areas serving clearly defined commercial and residential purposes. Most of the future development will be in the surrounding islands, which are located around the mainland as well as further in the inland region towards Dubai. These islands include Al Reem Island, Saadiyat Island, Al Raha Beach, Yas Island (future home of the Formula One Grand Prix) and Hudyriat Island, among others.
The market is characterized by an oversupply of homes which results in extremely high rents and returns. Demand is likely to increase due to the city's expansion which has brought individuals, events, and businesses to the area.
As of the date at the time of writing, prices for entry are higher than Dubai which ranges from 1,800 to 1,000 AED, however, payment plans are generally more favorable to compensate.
Abu Dhabi is still behind Dubai is some respects of the real estate sector. For instance, there is no regulatory authority for the market, some developments are freehold, and residency visas aren't currently available to investors.
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