Expert Advice with Simon Kennedy: Properties in Abu Dhabi Vs Dubai
Once a month Bayut brings you expert advice from one of the country’s leading real estate agents to help you understand the latest trends of buying and renting properties in Dubai and the rest of the UAE. This Monday, we are in conversation with Simon Kennedy, Managing Director of Edwards & Towers, a leading real estate consultancy in Dubai. This week Simon gives a unique perspective on trends for renting and investing in Abu Dhabi real estate vs that of Dubai. Don’t forget to check out the video and catch some of the quick-fire responses from this seasoned real estate expert in our rapid-fire segment.
The Current Scenario of the Abu Dhabi Real Estate Market
The last few years saw a steady decline in the property prices for real estate in Abu Dhabi because of the international shift in oil prices. That phase of decline seems to be slowly receding now and Simon predicts things will stabilise in the near future for investing in Abu Dhabi real estate.
The trend is similar for properties for rent in Abu Dhabi. Prices have been going down in the last few years because of an excess supply of properties and struggles with unemployment. But things are looking up for the rental market in the capital, and Simon foresees a stabilisation in prices soon.
The Abu Dhabi real estate market also appears to be catching up to the Dubai property market, with equal emphasis on regulations, title deeds and other legalese. This makes it the ideal time for investing in Abu Dhabi real estate.
Popular areas for buying residential properties in Abu Dhabi, according to Simon are Al Reem Island, Al Raha Beach and Saadiyat Island. In terms of commercial properties, commercial villas in Khalifa City and the offices in Abu Dhabi are most popular.
The Dubai Property Market: Popular Places to Live and Invest in
When it comes to popular places to invest in Dubai, the in-demand locations are predictably Downtown Dubai, Dubai Marina, Palm Jumeirah and JLT, following the trend that we have been seeing in the Bayut real estate market report for 2017.
For commercial properties in Dubai, the sought-after locations are Sheikh Zayed Road, DIFC, Downtown Dubai and Business Bay. In terms of the free zone areas, offices in Media City and JLT are the most popular according to Simon.
Real Estate in Abu Dhabi Vs Dubai
One of the things that real estate investors in the UAE, often wonder about is which emirate is better to invest: Abu Dhabi or Dubai? As things stand, Simon believes that Dubai is the better place for property investments in the UAE because of a number of reasons.
Dubai gives investor visas to residents buying properties over a certain amount, which is not the case in Abu Dhabi. In addition, the real estate regulations are stronger in Dubai with RERA actively taking measures to ensure compliance. Title deeds are mandated in both freehold and non-freehold areas in Dubai. Abu Dhabi is catching up, however, and the statistics may shift in favour of the capital in the coming years.
Even when it comes to investor profiles, Simon feels that Dubai has a more diverse demographic of investors: Europeans, Arabs, Indians, Pakistanis, CIS Countries, Emiratis and so on. In contrast, real estate investors in Abu Dhabi are largely Arabic speaking.
About Edwards and Towers
Edwards & Towers are one of the leading real estate agencies in the UAE, specialising in both residential and commercial properties across Abu Dhabi and Dubai.
With offices in Dubai Marina, Palm Jumeirah, Business Bay and Abu Dhabi, they have been active in the UAE real estate market since 2004, and offer a range of services. They cater to those looking to buy and lease commercial and residential properties and also help with property management and RICS valuations. The RERA registered agents are also one of the UAE’s most trusted when it comes to the sale of holiday homes and vacation rentals in the country.
Now that you have all the details on renting and investing in Abu Dhabi real estate vis-a-vis Dubai, what are your thoughts on buying properties in these emirates? Let us know in the comments section and don’t forget to leave your questions if you have any. We would be happy to help! For more updates and advice on property investments in the UAE, don’t forget to check in to the best real estate blog in the UAE.
