Following the decision to allow non-locals to own property on Al Fahid island 1, experts expect a rebound in Abu Dhabi’s real estate investment market. Furthermore, they predict this will push the market to greater stability and balance.
His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, Chairman of the Executive Board has decided to allow the GCC citizens and expatriates ownership on Al Fahid Island 1.
Al Fahid Island is one of 27 projects adopted by the Abu Dhabi Urban Planning Council at the end of 2015.
It possesses a prime location between the islands of Yas and Saadiyat, which boast luxurious housing and luxury projects. They have also received an overwhelming response both for ownership and rent.
Mohammed Muhanna Al Qubaisi, Chairman of Manazel Real Estate, said: “The acquisitions decision passed by His Highness Sheikh Mohammed bin Zayed Al Nahyan gives confidence and peace of mind to residents who are interested in housing and permanent residence in Abu Dhabi, this will encourage the acquisition and will have a positive effect on the real estate sector, especially since the island targets the upper middle class, a large segment in Abu Dhabi. ”
Al Qubaisi added: “The decision helps to create a balance between rent and sale,” pointing out that there are many interested buyers.