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Abu Dhabi developers gear up for off-plan

Abu Dhabi developers gear up for off-plan
Developers in Abu Dhabi may be gearing up for the kind of off-plan launches that Dubai had seen a lot of in the last 12 months. They have a good place to start as Cityscape Abu Dhabi 2014 opens this week in the capital, Gulf News reported.

It was at last October’s Cityscape in Dubai that the off-plan project pipeline finally opened up after a five-year hiatus. In Abu Dhabi, developers will be looking for a bit of help from the authorities, in particular by being able to sell properties in special investment zones as full freehold for nationalities other that UAE and GCC citizens. It would mark a significant upgrade from the long-term leasehold rights available now.

“Abu Dhabi has been reviewing the economic environment for investments and within this activity there could be one on freehold titles to projects in select investment zones,” said Matthew Dadd, Associate Director at Knight Frank. “There is a certain lack of choice in locations and in the type of properties compared to what an investor can access in Dubai’s realty, and that’s going to change.”

Recently, Aldar Properties became the first developer entitled to offer the full freehold option to investors in its communities. The market is now waiting to see whether the same status will be offered to other developers as well.