Demand for property on Abu Dhabi's natural Al Reem Island, is outshining other parts of the Emirate as people seek the 'island dream'.Al Reem Island as being amongst the best performing areas in Abu Dhabi, with prices starting from AED 907 per square foot. Prices on Al Reem have certainly held firm, even throughout the downturn.Reem is a natural island paradise, with excellent connectivity to the CBD and excellent long term growth potential" said Niall Mc Loughlin, Senior Vice President of DAMAC Properties.
While there has been some speculation about further declines in Abu Dhabi's real estate prices, Al Reem Island is well positioned to avoid any significant re-pricing.Abu Dhabi is benefiting from a surge in oil prices this year, with the Abu Dhabi Department of Economic Development saying the Emirate is on track to achieve four per cent GDP growth this year. Separately, inflation is expected to average below three per cent.
With strong growth, the government is remaining firm on its commitment to invest AED1.83 trillion in industry, tourism and culture to boost non-oil revenue to 64 per cent of the economy by 2030."With the expansion of the airport, the development of world class facilities such as the Formula One track at Yas Island, and a commitment to culture and the arts, the Abu Dhabi government is creating the type of community which is extremely attractive for residents in the long term."
The government of Abu Dhabi is helping to create an environment in which people want to live and that is a very strong positive for the future outlook for Abu Dhabi's real estate market. Al Reem Island is considered one of the most luxurious locations in the UAE. It's a natural island 600 meters off the Coast of Abu Dhabi Island, and has attracted interest from foreign nationals due to it being one of the first free zones in the capital.
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