Abu Dhabi Rentals Report for the first half of 2022
Saadiyat Island is a popular and promising place for expats to purchase real estate, because it is one of the most attractive areas in Abu Dhabi for recreation, housing and investment. The island is 10 sq. mi in size and is located less than a 10-minute drive from the center of Abu Dhabi. Saadiyat Island has an excellent location that is easy to access by the bridge connecting the island with the mainland of the emirate, and the destination offers unique conditions for cultural development, living, and doing business. We have prepared an article which contains information about the advantages of investing in real estate on Saadiyat Island, and we take a brief look at some of the district’s most popular and newest projects.
Saadiyat Island offers a large selection of real estate for purchase, including apartments, penthouses, duplexes, townhouses, villas and land plots. At the moment, the island is at the stage of intensive development, and in the future developers plan to implement many residential, commercial and entertainment projects that will only increase the popularity of the area among tourists and expats.
The key feature of the destination is that in the future it will become the cultural center of Abu Dhabi. There will be 8 museums in total, including Louvre Abu Dhabi Museum which is currently in operation, and the Sheikh Zayed National Museum of History and the Guggenheim Abu Dhabi museum of modern art which are both yet to open. All of these incredible venues were designed by the winners of the Pritzker Prize, which is a world–famous competition among architects.
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The island has a well-developed infrastructure, including a golf course on the coast, premium hotels, white sandy beaches and world-class educational institutions. Another advantage of investing in real estate on Saadiyat Island is that foreign investors can buy any property such as apartments, villas and land plots on the island with 100% ownership, because the area is freehold.
Buying a property on Saadiyat Island is a profitable investment that will bring an estimated ROI of 7-8% per annum. Separately, it is worth noting that this year the emirate of Abu Dhabi has recorded the highest rate of growth in rental prices since 2016. As a result, investors can expect higher profits in the future from rental properties, and those who buy during the construction stages can expect a higher resale value. Typically, when buying off-plan properties during the initial stages of construction, the developer offers a lower sale price, and after the construction phases are completed, the sale price increases and can be about twice as high when the project is commissioned.
Real estate investments are the most popular asset class among international investors in Abu Dhabi. Strict rules for buying and selling real estate, as well as renting, limit speculation on property in the emirate. In addition, the geopolitical situation in the UAE capital is quite stable, which guarantees the safety and security of your assets. In addition, the UAE has removed 20% of restrictions for banks in real estate lending.
The most popular real estate projects for buying and renting on Saadiyat Island include:
Soho Square is a multifunctional residential project from Bloom Properties which consists of two buildings with 11 floors. The complex was completed in December 2019 and offers studios, 1, 2 and 3-bedroom apartments, as well as penthouses and townhouses with living areas starting from 836.4 sq. ft. The minimum price for a residence in Soho Square is AED 1,200,000 (USD 327,000).
Grove Museum Views is a newly launched project by the leading development company in the emirate – Aldar Properties. Properties in the development are presented by studios and 1-2 bedroom apartments, and the total number of units in the complex constitute 102. Living areas vary from 482 sq. ft to 1,494 sq. ft. One of the main features of the Grove Museum Views project is that each residence will have smart home features and biophilia themed interior design finishes and fixtures. At the moment the complex is under development, and the anticipated date of completion is set to be 31 May of 2025.
Saadiyat Beach Residences is a premium residential project by Aldar Properties consisting of six 5-storey buildings in a Mediterranean style design. The complex was completed in 2014 and the total number of units constitutes 495. Properties in Saadiyat Beach Residences are presented by studios and apartments with 1, 2, 3 and 4 bedrooms. The minimum price for a 1-bedroom residence here is AED 2,000,000 (USD 545,000).
Hidd Al Saadiyat is a private residential development with exclusive 4-7 bedroom villas. The complex is was developed by the private Saadiyat Development and Investment Company (SDIC) and was completed in December 2016. The starting price for villa in Hidd Al Saadiyat constitutes AED 8,500,000 (USD 2,314,000) and property sizes start at 4,725.4 sq. ft.
Park View is a modern complex with 2-3 bedroom apartments and duplexes with property sizes ranging from 1,718 sq. ft to 3,749 sq. ft. The total number of residences in this complex is 128. The project from Mesab Limited was fully completed in Q3 2020. The minimum price for a 2-bedroom apartment in Park View constitutes AED 1,600,000 (USD 436,000).
Note: By taking advantage of our property management service, as an owner you will be able to rent it out from anywhere in the world. Our highly qualified professionals will take care of everything for you, including all the marketing, searching for reliable tenants, the control of timely payments to your account, and much more, on your behalf.
When investing in real estate on Saadiyat Island, investors can apply for a resident or investor visa for 5 or 10 years. This type of visa allows for family sponsorship, including a spouse and children, with the right to extend for a similar period.
Real estate on Saadiyat Island has a high profitability rate as the island is the cultural hub of the capital, attracting a large number of tourists annually. In addition, the UAE is a country with a stable economy and a national currency, in which there is no double taxation, income tax and capital gains, while the process of purchasing, selling and renting real estate is reliably protected at the legislative level.
Highly-skilled specialists at Metropolitan Capital Real Estate will help you to choose and purchase real estate on Saadiyat Island, as well as provide you with a full range of services related to real estate. Our agents will answer all your questions and will help you to understand all the features of investing in real estate on Saadiyat Island and in the other districts of the emirate of Abu Dhabi.
Metropolitan Capital Real Estate company is a representative of leading developers in the emirate of Abu Dhabi such as Aldar Properties. We can provide our clients the best offers on the real estate market as well as any promotions when buying property.
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