Allan says affordable communities are now outperforming more expensive “trophy” properties in Abu Dhabi, which represents the best time for buyers to purchase their own homes.
“Buying is viable for many as in most cases bank installments on mortgages are much lower than monthly rents. This means buyers are immune from rent increases,” he said. “The interest rates are quite low, ranging from 2.99% to 5%. The result of these monthly payments, unlike rent, is that people can own the homes they live in.”
Allan added that the increasingly competitive Abu Dhabi real estate landscape is delivering creative advantages for buyers, adding that “Apart from competitive pricing, developers are being much more pro-active in attracting new buyers with incentives such as 10-minute mortgage approvals, zero loan processing and property valuation fees, and affordable installment plans.”
Also readying to launch new projects at Cityscape Abu Dhabi is the UAE capital-based IMKAN Properties L.L.C, a wholly owned subsidiary of Abu Dhabi Capital Group, which has a portfolio of 26 developments of residential, retail, hospitality and commercial projects spanning 30 million-square metres across three continents.
The company will showcase four of its projects, AlJurf, a new coastal community, located between Abu Dhabi and Dubai along with Pixel, the first mixed-use development in 'Makers District”- the new heart of Abu Dhabi and Nudra, a luxury beachside villa community located on Saadiyat Island. It will also present on of their international project’s, Alburouj, a full mixed-use development in Cairo.
IMKAN also has high hopes for the Abu Dhabi sector, saying it is in “robust health” with significant growth potential.
“Active investments and developments such as the Louvre Abu Dhabi and the upcoming Guggenheim Museum, have resulted in the city gaining a firm presence on the global list of culturally important destinations. These and future projects, including the new airport in 2020, ensure a healthy outlook. This market, like any, is subject to highs and lows but we feel confident about the outlook for Abu Dhabi.”
El Hindi though admits that Abu Dhabi buyers are becoming more discerning and well informed on market dynamics. “We have seen that buyers are not only interested in just a place to live. Today’s buyers are educated about real estate and are making financially informed decisions. This, in turn, means that developers have to offer what people want: to live in a space that while having aesthetic appeal, also has functional value and will yield capital appreciation,” he said.
“At IMKAN, we have incentivised buyers by pioneering a wide variety of alternatives for off-plan and post-payment plans; we are the first developer in Abu Dhabi to introduce post-payment plans that are available up to nine years,” explained El Hindi.
Mesab and IMKAN are among this year’s developers due to exhibit at Cityscape Abu Dhabi, from April 16-18 at ADNEC. The exhibition is sponsored by Platinum Sponsors: Aldar, Azizi, and ZonesCorp and is open 10am-8pm across all three days and is free to attend.
To register or for more information, visit www.cityscapeabudhabi.com