why you should consider buying property in Abu Dhabi?

Want to buy property in Abu Dhabi? This article will help you to make decision. 

Abu Dhabi is the second largest city in the UAE and the capital. It has a population of 2.43 million according to World Population Review, making it the most populated Emirate in the country.

The emirate is also one of the world’s richest, with oil and gas making up a significant proportion of its economy. However, in recent years, it has diversified into other sectors such as tourism, real estate and financial services.

In Abu Dhabi, there's a lot of investment from both public and private sectors in infrastructure that will support economic growth and drive demand for real estate. This includes key projects such as Khalifa Industrial Zone Abu Dhabi (Kizad), Saadiyat Island property, Al Raha Beach Development, Al Reem Island and Masdar City.

The UAE has recently introduced new laws that allow foreigners to purchase land or properties within designated areas. Before these regulations were implemented, expats could only lease properties for up to 99 years. In Abu Dhabi, The Abu Dhabi Executive Council announced that foreign investors can now own freehold land on Reem Island and Al Maryah Island in a move designed to boost foreign investment into the emirate.

Here are five reasons why you should consider buying property in Abu Dhabi:

1. Highest average gross income in the world

Abu Dhabi is home to a number of high-paying job opportunities and is among the top 10 best places to work in the entire world. As per a recent survey by HSBC, it has an average annual income of $120,000 – the highest in the world – while its residents have an average wealth of $183,334. The city also has low income tax rates, which make investing here even more attractive.

2. Low mortgage rates

Income and wealth are nothing without affordable housing, but Abu Dhabi provides both. Apart from having a range of options for international buyers, a large part of its real estate market is affordable for local buyers as well. In fact, many banks offer mortgage plans with down payments as low as 5%. These low mortgage rates make buying property in Abu Dhabi easier than ever before.

3. Attractive long-term rents

Many people prefer renting property instead of buying it outright because it saves them from paying a lump sum up front, and allows more freedom to move around later on in life. The average rent in Abu Dhabi is AED120,000 per year (excluding service charges), which is lower than that of Dubai. A 3-bedroom apartment in Al Reef Downtown costs about AED 140,000 per year, which makes it an attractive option among families looking for more space and better facilities.

As per a report released, average rents across all units in Abu Dhabi increased by 3% this year, with studios commanding an average annual rent of Dh62,000 (Dh5,166 per month). The most popular areas to rent in include Al Reem Island and Al Raha Beach, with apartments in both areas seeing an 8% increase year-on-year.

4. Tax benefits

There is no income tax in Abu Dhabi, while VAT is levied at just five per cent on goods and services. This makes it an extremely attractive destination for those want to buy property in Abu Dhabi.

5.Job security

Income and wealth are nothing without affordable housing, but Abu Dhabi provides both. Apart from having a range of options for international buyers, a large part of its real estate market is affordable for local buyers as well. In fact, many banks offer mortgage plans with down payments as low as 5%. These low mortgage rates make buying property in Abu Dhabi easier than ever before.