Global high-net-worth individuals (HNWIs) plan to spend $2.8 million on average on Abu Dhabi property amid strong economic growth and world-class infrastructure, a survey has found.
About 58 per cent of HNWIs are prepared to allocate more than $1 million for a property in Abu Dhabi, with the average allocated budget being $2.8 million, according to the report by global property consultancy Knight Frank.
East Asian buyers have a higher spending propensity, with many prepared to spend more than $5 million to buy Abu Dhabi property, the consultancy said.
“Abu Dhabi as a destination has been slowly rising in global prominence, particularly as large-scale cultural and entertainment projects such as the Louvre, Qasr Al Wattan, Ferrari World, Sea World and the Warner Bros theme park start to capture the attention of global travellers,” said Faisal Durrani, head of Middle East Research at Knight Frank.
“And it’s paying off, with 45 per cent of global HNWI indicating that the emirate’s development plans are positively influencing their views of the emirate as an investment destination.”
The Knight Frank report polled 183 HNWIs globally, each with a net worth of more than $3 million, excluding their main home or primary residence.
Combined, the group owns 851 homes globally and have a combined net worth of $3.2 billion.
“Those with a net worth in excess of $10 million view Abu Dhabi even more favourably, with 57 per cent of this cohort keen on investing in the city. Among East Asian HNWIs, the figure rises further to 70 per cent,” Mr Durrani said.
The UAE property market has continued to recover from the coronavirus-induced slowdown on the back of government initiatives, higher oil prices and other measures to support the economy.
Abu Dhabi recorded 5,472 real estate transactions worth Dh27.9 billion ($7.59 billion) in the first quarter of 2023, according to the latest data from the Department of Municipalities and Transport.
The value of the deals more than doubled during the three-month period to the end of March while the volume of transactions, which include property sales and mortgages, rose by 66 per cent.
The value of property sales more than tripled to Dh16.2 billion while mortgage deals were up 70 per cent at Dh11.7 billion, the data shows.
About 74 per cent of respondents are interested in making a property investment in Abu Dhabi, with the residential sector emerging as the most popular, closely followed by branded residences and the hospitality sector, according to Knight Frank.
At 19 per cent, Abu Dhabi Island is the most common choice for a property purchase in Abu Dhabi, followed by Al Reem Island at 13 per cent.
When asked where in Abu Dhabi they would most probably make their property purchase, 26 per cent of East Asian respondents named Abu Dhabi Island as their most preferred location in the emirate, with their second choice being Saadiyat Island at 18 per cent.
“One of the most fascinating findings has been the influence Dubai has on the perceptions of Abu Dhabi in the minds of HNWI around the world,” Mr Durrani said.
“The appetite of frequent visitors to Dubai to purchase real estate in Abu Dhabi stands at 73 per cent. Fifty per cent of them are willing to allocate over $2 million for a property in Abu Dhabi, with the average allocated budget being $3.7 million.”
Abu Dhabi is the second most popular UAE real estate investment destination, after Dubai, for the world's super rich, the survey results show.
The emirate's economy rebounded strongly from the pandemic.
Its gross domestic product exceeded Dh1.1 trillion last year, an estimated 9.3 per cent growth over 2021, with the non-oil sector accounting for half of it, said Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development.
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
Results
5pm: Reem Island – Conditions (PA) Dh80,000 (Turf) 1,600m; Winner: Farasah, Antonio Fresu (jockey), Musabah Al Muhairi
5.30pm: Sir Baniyas Island – Maiden (PA) Dh80,000 (T) 1,400m; Winner: SSR Ghazwan, Antonio Fresu, Ibrahim Al Hadhrami
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,400m; Winner: Astral Del Sol, Sean Kirrane, Ibrahim Al Hadhrami
6.30pm: Al Maryah Island – Maiden (PA) Dh80,000 (T) 2,200m; Winner: Toumadher, Dane O’Neill, Jaber Bittar
7pm: Yas Island – Handicap (PA) Dh80,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
7.30pm: Saadiyat Island – Handicap (TB) Dh80,000 (T) 2,400m; Winner: Celestial Spheres, Gary Sanchez, Ismail Mohammed
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
The years Ramadan fell in May
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
