Abu Dhabi – MENA Herald: Nationwide Property Middle East LLC, the pioneer company in real estate marketing based in Abu Dhabi, anticipates an increase in free hold property in Abu Dhabi this year, as real estate regulatory legislation in the Emirate went into force at the beginning of last January.
According to a study by Nationwide, the studio price on Al Reem Island during the first quarter of this year, ranging between AED 680,000 to one million. One bedroom price is rating between a million to AED 1,3mn, two bedrooms from AED 1,3mn to 1,7mn, three bed rooms AED 2,85mn to 3,2mn and four for AED 3,5mn to 3,9mn.
In Al Reef, the price of a studio amounts to AED 650,000 and for one bedroom ranging between AED 850,000 to 900,000, two bedrooms for AED 1,14mn to1,2mn and three bedrooms AED 1,45mn to 1,5mn.
At Al Raha Beach, the price rate for a studio bedroom, ranges between AED 1,3 to 1,4mn, one bedroom from AED 1,2mn to 1,8, two bedrooms from AED 1,7mn to 2,3 and three bedrooms from AED 2,6mn to 3,5.
Ahmed Mohamed Hilal Al Kabi, a board member of Nationwide Property Middle East, said that, levels of demand for buying and selling are stable in the property market during the last quarter of last year and first quarter of the current one. There are also good market prospects, as the new real estate regulatory legislation in the Emirate went into force at the beginning of this year, along with prospects of improving market activity during the second quarter of 2016.
Head of Executive Office of Nationwide Amin Al Qudsi, said ,:”correction of prices in the property market encourages investors to buy properties and seize distinctive investment opportunities offered by the sector’.
Moreover, he stated that, the real estate market in Abu Dhabi, is witnessing a stage of maturity, as investment culture between customers is developing. Al Qudsi, also pointed to the importance of the real estate regulatory legislation to support the sector in the Emirate. He stated that, it includes a number of important items such as, binding payment of installments, with the percentage of achieved property projects sold in the map. He said that, this helps in restoring confidence for the real estate market and encourages many investors to buy new housing units.
He also underlined the importance of punishments, stated by the real estate regulatory legislation in the Emirate, for practicing without license. This will have a key role in deterring unlicensed brokers in the market and reduce negative practices in brokerage sector.
Nationwide Property Middle East, is established in 2011 and handles marketing of a number of free hold projects in Al Reem Island, Al Raha Beach, Al Reef and Alsaadiyat Island. The company has more than 40,000 employees and runs periodical reports on Abu Dhabi real estate market.