4,000 NEW RESIDENTIAL UNITS IN ABU DHABI

ABU DHABI — Abu Dhabi is becoming an important player in the real estate industry and some 4,000 new residential units are set to be available in the market by the end of the year, officials and experts said during the opening of the three-day International Real Estate and Investment Show (IREIS).

Peter Stebbings of Jones Lang LaSalle (JLL), a global real estate advisory, was the moderator for panel discussions at Abu Dhabi Investment Conference 2018 and said the UAE’s 10-year residency visa for investors and specialists was a game-changing move.

“The UAE’s decision to allow 10-year visas for expats and 100 percent foreign ownership in companies located outside of free zones, is expected to provide a positive stimulus to the economy over the medium term. Long-term visa security should increase the investor pool and extend the market cycle with longer term hold periods,” JLL said in its latest report.

“However, we expect a proportion of this supply could be delayed at the final stages of approvals and handover.” The new units will come up at Reem Island, Yas Island and Al Raha Beach. This might put downward pressure on the real estate prices and rents — which will help tenants to buy properties and become homeowners, the report said. More than 100 companies — including property developers, investment advisors, immigration advisers and government entities — are at the three-day event held at Adnec.

—