Abu Dhabi real estate sees positive sentiments

Abu Dhabi's real estate sector has been witnessing positive sentiments, with the market slowly adapting as companies take note of the preferences of investors and buyers, experts at Cityscape Abu Dhabi 2019 said.
The 13th edition of the event wrapped up on Thursday, with major developers and key industry players better aligned on the future direction for the market that plays a crucial role in the capital's economic diversification. Amongst the highlights of investor-developer interaction on the main exhibition floor, Aldar Properties reported Dh400 million in sales on its latest development, Lea, inside the first two days of the show, while the Government of Abu Dhabi used the exhibition to announce game-changing laws for foreign ownership in investment zones.
"With developers, real estate companies and the industry as whole in the midst of a challenging environment, it was extremely encouraging to see the level of commitment, understanding and determination from everybody at show," explained Chris Speller, Cityscape group director at Informa Exhibitions. "The positive sentiment in the build-up to the show was backed up on the event, with developers such as Aldar reporting sold-out new projects onsite. That's a clear indicator that while challenges remain, the market is adapting, and companies are listening to what investors and buyers want."
"Add in the new change to the foreign ownership law and the lively, interactive conference sessions and talks, and this year's show has exceeded our expectations in uniting the industry and providing the right platform to look at how best take the market forward," added Speller.
Zonescorp, the largest operator of purpose-built industrial zones in the UAE, was equally upbeat after launching two new investment projects at Cityscape Abu Dhabi 2019, which are aimed at the private sector and will collectively span two million square metres in Abu Dhabi's ICAD Zone 3 and Al Ain Investment Complex in Al Ain Economic Zone.
The final day of Cityscape Abu Dhabi 2019 also gave government officials and key developers a platform to delve deeper into the announcement, made on day two of the show, that allows foreign owners to take freehold of their properties, both residential and industrial, in the capital's investment zones such as Alreeman, near Abu Dhabi Airport.
Talal Al Dhiyebi, chief executive officer, Aldar Properties, developer of Alreeman, said that the new rule would likely increase investor return on investment (ROI), which is already higher than most international cities, by a further eight per cent.
Falah Mohammed Al Ahbabi, head of the Department of Urban Planning and Municipalities, Abu Dhabi, said that the change in the law was a "quick response" by the government to meet demand from the private sector, adding that it would increase market confidence and result in more transparency and flexibility.
- business@khaleejtimes.com