Abu Dhabi Apartments Laws Speak Volume about Government Policies
Abu Dhabi gives many reasons to investors, permanent or temporary residents to buy apartments or opt villas for rent in Abu Dhabi. First reason why you should have Abu Dhabi apartments is the flexibility that the government offers in terms of real estate laws and income tax. The regulatory and legal framework is evolving so rapidly as to attract investors across the globe to find their abode in this culturally rich and prosperous city. Abu Dhabi is the richest Emirates of the seven emirates of the United Arab Emirates. The richness is specially the result of the reported release of surplus oil revenues for major infrastructure, industrial, commercial and residential projects.
Before the financial reforms, Abu Dhabi apartments or villas for rent in Abu Dhabi belong to the ruler of the city. And therefore, both commercial and residential construction was financed by government agencies. However, with the economical reforms, developments comprising Abu Dhabi apartments now will be funded and developed by the private sector. It is expected that the construction industry will skyrocket in next 15 years as is evident from various development projects such as ‘Al Reem Island’, ‘Al Raha Beach’ and ‘Saadiyat Island’. The Higher Corporation for Specialized Economic Zones encapsulates major projects such as the development of ‘Lulu Island’, Mina Zayed Port and various Industrial Cities throughout the Emirate.
It is also expected that the more private investment would rush into the development of real estate, there will be more competition in the market and that will eventually benefit both individual and institutional buyers. Villas for rent in Abu Dhabi are very attractive for those residents who have come for a short period of time. Hence, the booming economy of Abu Dhabi as well as terrific inflow of tourists are major reasons why there is an increase in Abu Dhabi apartments. The reformative legal structure of Abu Dhabi instead of ownership of property and the positive outlook of the economy made it possible to attract investors and generate economic growth. With this legal structure, it is also possible for the residents to directly invest in property and generate growth. This has eliminated the need of paying dead money in high rents.
Mostly, long term residents are attracted to Abu Dhabi apartments because the legal structure is such that it gives them the ownership right without really being bothered about contracts and other time consuming and laborious formalities. In order to buy apartments in Abu Dhabi or rent villas, it is advisable to take the help of reliable real estate service providers. It is necessary that such providers know the local nuances of the property market and can guide you properly. Mostly, such service providers have great connections to local real estate dealers and companies. Therefore, they can hold your hand in the right direction by understanding your needs to own a property or to rent villas in Abu Dhabi. But, before opting for such real estate service providers it is important to check their credentials and how they have performed in past with other clients.
Before the financial reforms, Abu Dhabi apartments or villas for rent in Abu Dhabi belong to the ruler of the city. And therefore, both commercial and residential construction was financed by government agencies. However, with the economical reforms, developments comprising Abu Dhabi apartments now will be funded and developed by the private sector. It is expected that the construction industry will skyrocket in next 15 years as is evident from various development projects such as ‘Al Reem Island’, ‘Al Raha Beach’ and ‘Saadiyat Island’. The Higher Corporation for Specialized Economic Zones encapsulates major projects such as the development of ‘Lulu Island’, Mina Zayed Port and various Industrial Cities throughout the Emirate.
It is also expected that the more private investment would rush into the development of real estate, there will be more competition in the market and that will eventually benefit both individual and institutional buyers. Villas for rent in Abu Dhabi are very attractive for those residents who have come for a short period of time. Hence, the booming economy of Abu Dhabi as well as terrific inflow of tourists are major reasons why there is an increase in Abu Dhabi apartments. The reformative legal structure of Abu Dhabi instead of ownership of property and the positive outlook of the economy made it possible to attract investors and generate economic growth. With this legal structure, it is also possible for the residents to directly invest in property and generate growth. This has eliminated the need of paying dead money in high rents.
Mostly, long term residents are attracted to Abu Dhabi apartments because the legal structure is such that it gives them the ownership right without really being bothered about contracts and other time consuming and laborious formalities. In order to buy apartments in Abu Dhabi or rent villas, it is advisable to take the help of reliable real estate service providers. It is necessary that such providers know the local nuances of the property market and can guide you properly. Mostly, such service providers have great connections to local real estate dealers and companies. Therefore, they can hold your hand in the right direction by understanding your needs to own a property or to rent villas in Abu Dhabi. But, before opting for such real estate service providers it is important to check their credentials and how they have performed in past with other clients.
