Real estate sector in Abu Dhabi grew 4.6% in the last five years, official says

• Rashid Abdul Karim Al Balooshi, Undersecretary of the Abu Dhabi Department of Economic Development was speaking at the International Real Estate and Investment Show (IREIS)
• Three-day event aimed at property buyers and investors

Abu Dhabi has experienced 4.6% growth in the real estate sector over the last five years, according to Rashid Abdul Karim Al Balooshi, Undersecretary of the Abu Dhabi Department of Economic Development.

“When we talk about the real estate [sector] it is part of the vision of the UAE and Abu Dhabi, we have a very clear vision and a very clear strategy to diversify the economy away from oil, and there are non-oil sectors that we rely on,” he said.

He was speaking at the opening of the 11^th International Real Estate and Investment Show (IREIS) in the Abu Dhabi National Exhibition Centre, which is running from 30 October-1 November. During the three-day event, which is aimed at property buyers and investors, government entities and other public and private organisations will showcase their services, recent projects, and initiatives designed to help drive the real estate sector in Abu Dhabi and stimulate investment opportunities.

In April this year, the Abu Dhabi government passed a new freehold law which allows foreign investors to buy property or land within 15 designated investment zones. Previously, Abu Dhabi only granted a leasehold of 99 years to foreign property owners.

The exhibition will enable its visitors to explore a variety of available properties, different investment options, financing sources, consultations and sort out legal queries. The annual event will also provide consumers from around the world with the best options for investment and leading insights into market trends.

Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.