Introduction to the Abu Dhabi Property Market

Abu Dhabi is the capital of the U . s . Arab-speaking Emirates and is the largest of the countries’ seven cities located less than 200kilometres from Dubai. While Dubai has become a symbol of wealth and prosperity, Abu Dhabi is actually richer and more powerful, bragging 10% of the world’s petroleum supplies and intensely rich Sovereign Wealth Funds.

Abu Dhabi is following in Dubai’s footsteps with plans to diversify the economy and move away from dependence on the energy sector. In September uae visit visa approval time 2007 the costa rica government published Plan Abu Dhabi 2030 which outlines the city’s development over the next 19 years or so, with increased exposure of developing the vacation, industrial and real estate sectores.

The city has recently announced over US$270 thousand in real estate projects, and in 2006 the doors were finally opened to international investors.

Future development is divided in the same way to Dubai with distinct areas serving well defined residential and commercial purposes. Most of the future development will be in the outlying countries which encircle the landmass, as well as more away from the coast towards Dubai. These countries include Ing Reem Island, Saadiyat Island, Ing Raha Beach, Yas Island (future home of Formula One Grand Prix) and Hudyriat Island, among others.

The market is seen as an supply far exceeding beyond demand causing extremely high rental prices/returns. The demand will continue due to the city’s expansion which is attracting people, businesses and events to the region.

At the time of writing, entry prices are more achieable than Dubai at between 1, 900 — 2, 000 AED, but the payment plans are generally more favorable to compensate.

Abu Dhabi is still behind Dubai is some aspects of the property sector. For example, there is no authority to manage the market, not all developments are freehold, and residency visas are currently not granted to investors.

London — it’s close to home, in fact you might be working there already. London has within the last two decades get to be the financial capital of the world. New york might still find statistics to prove its dominance but it deals mainly in domestic markets and lacks the international selling point of London. The wealth of talent in Britain’s capital can lead to competition for positions. This, with the high cost of living does put some people off, but can still offer great opportunities.

New york — despite its constant squabbles with the UK over where the financial capital of the world is, New york is a particularly appealing place for an auditor to look for a job. The introduction of Sarbanes Oxley following the failure of Enron has lead to the rise in demand for highly qualified audit professionals. Visa requirements is often quite complex and time consuming but the iconic ny has lots going for it.

Chi town — the windy city might not instantly enter your brain when looking for an audit job in the united states, but in recent years Illinois’ premier city has ridden a crest of a trend and in some financial sectors is more important than Wall Street. The crucial moment in Chicago’s excursion was the merging between Chi town Mercantile Exchange (CME) & Chi town Board of Trade (CBOT) to create one of the world’s biggest futures market. Whilst it’s not directly related to auditing, when you have money changing hands on that scale, plenty of audit vacancies and positions become available.

Beijing — everyone is talking about China’s economic situation. Currently their mix of capitalism and communism seems to be the perfect recipke for growth. Obviously the demand for well qualified Western audit professionals in Beijing is high. Whether it’s earning a living for a Western european company or a local enterprise the opportunities are plain to be seen. It’s a long way from home but not as far as you may think — you do not be popcorn home for Saturday lunch, but travelling there by aircraft is a simple procedure.

Bombay — while most people are aware of the growth in China, to many experts the flourishing economy of The indian subcontinent is far more exciting, and less risky. Mumbai, Bombay’s new name, are at the hub of the place’s burgeoning financial wave. With the entertainment businesses of Bollywood and more traditional companies, Mumbai has the selling point of both LA & New york.

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