With a slew of new developments on show at the eighth International Real Estate and Investment Show, could now be the right time to purchase an investment property?
If you’ve been here for a few years and don’t think you’ll be leaving anytime soon, maybe it’s time to stop renting and think about buying your own little piece of Abu Dhabi?
Now, don’t panic and convince yourself it’s too complicated: your next move in the capital could be the perfect one for your family. On the other hand, don’t get too excited and grab the keys just yet, because it’s essential to do your homework.
Providing insight and advice, the International Real Estate and Investment Show (IREIS), taking place from 2nd to 4th November at ADNEC, is the ideal destination for prospective buyers to make sense of the market.
The time is right
Emerging as the most important real estate event in the capital in recent years, IREIS brings a host of experts from the UAE’s property sector together under one roof.
Showcasing both local and international investment opportunities and providing unrivalled insight into the local property market, including what you can expect in the future and developments to watch, the event helps steer those who are thinking of buying property here in Abu Dhabi in the right direction.
With investors and consultants on hand to provide up-to-date and accurate information and advice, visitors can listen to keynote speeches, enrol in investor seminars and speak to a range of regional and international exhibitors.
In addition, an international conference will also be held, bringing together industry leaders and government officials, as well as a residency and citizenship expo to highlight opportunities overseas.
“It’s an interesting time because a boom has started in the UAE that has attracted a lot of property investors to the Abu Dhabi market,” says Dony Cyril, exhibitions director for IREIS 2017.
“The market is in a good place. Opportunities are there for investors who are ready to invest on a long-term basis to live or to let and also for those who want to invest to sell when the project is completed.
“If you’re looking to invest, you’ll get all the up-to-date information of developments to watch, investment opportunities and rates and information on VAT and how that will impact purchasing power in the UAE.”
The property market can be volatile and is subject to highs and lows, bringing opportunities to get great deals and see a return on your investment, but there’s also a risk of losing money if you make the wrong decision.
Prices in the capital are down at the moment, but the market is expected to improve in the near future so it might be a good time to explore opportunities.
“The market here has been on a decline since around 2015, but we see that turning around by the middle of next year,” says Ben Crompton, managing partner at Crompton Real Estate.
“We’re expecting more government spending; new projects are being announced and some are in the tendering phase, so once we see those projects awarded, we will see the population increase in Abu Dhabi.
“We’re close to the bottom in terms of sales prices and lease prices and as soon as the population picks up we’ll see lease prices pick up and sales prices follow.”
If may sound like the ideal time to purchase, but if you’re new to real estate investment then there are a few things you should consider before putting money down on a new property.
“With off-plan buying, always look at what properties the developer has already delivered, because it’s hard to gauge the quality unless you have something to benchmark it against,” advises Ben.
“With built products, try and get time to study the floor plans and the sizes and understand what it’s like before you put your deposit down, so you can get the best possible understanding of what it is you will get when it’s complete.”
The International Real Estate and Investment Show takes place from 2nd to 4th November. Free but registration required. ADNEC, Al Khaleej Al Arabi Street. Daily 11am-9pm. Contact: realestateshow.ae
WORDS Colin Armstrong