Dubai vs Abu Dhabi
Dubai vs Abu Dhabi
Abu Dhabi: rich, hot, lots of sand, lots of cranes. Just like Dubai, right? Wrong. In fact, the differences are profound. Abu Dhabi is less frenetic, more cultured, better planned - and, arguably, is now the better bet for today’s canny property investor. It is the richest country in the world, the federal capital of the United Arab Emirates and, if its £100 billion, 10-year vision succeeds, it will become the region’s hottest spot for real estate and cultural tourism.Dubai, 90 miles north, has led the way - and grabbed all the attention - in the Gulf’s booming property market. Abu Dhabi, meanwhile, has been slow to jump on to the bandwagon - too slow, some say. Two years ago, while its go-getting neighbour was launching its mega-projects and setting itself up on the world stage as a serious real-estate contender, land in Abu Dhabi still belonged to the state.It was only with the relaxing of the property ownership laws in 2005 that foreigners could even contemplate owning property there. By then, Dubai had embarked on its fast-and-furious building spree and snapped up many buyers. Now, foreign investors are being welcomed with open arms in Abu Dhabi - but only so long as they stick to buying in certain zones and on leaseholds of 99 years.True, many of the tourism, infrastructure and real estate projects being developed are on a similarly huge scale to Dubai. But, in keeping with the Abu Dhabi government’s methodical, prudent nature, there are still only a limited number to choose from and that will remain the case until it is evident whether demand is keeping pace with supply - something that is still far from clear in Dubai.For Abu Dhabi, the pace of growth, much like the pace of life, will be slow and unhurried. While Dubai is envisaging 15 million tourists by 2010, Abu Dhabi is aiming for a mere three million by 2015. It is not looking to modernise completely but instead to transform itself into the leading cultural destination of the region - hence the new museums and art galleries (including the world’s only Louvre outside Paris), which will inhabit Saadiyat Island, one of the emirate’s 200 islands, 500 metres offshore.That it is lagging behind Dubai appears to be of no concern: its staggering wealth means that diversifying away from oil into tourism and property is more desirable than essential. More importantly, the quality of workmanship for all construction will be strictly regulated by a third party, independent of the developer, and the green spaces and parks will be preserved and given priority over concrete.There are two main zones where foreigners are currently permitted to buy. The first is Al Raha beach, a £7 billion project led by Abu Dhabi’s main developers, Aldar. On completion, it will consist of eight exclusive districts spread over nearly two square miles with a combination of high- and low-rise waterfront apartment blocks, marinas, boulevards, shopping malls and golf courses. At the Al Muneera development, for example, prices range from £135,000 for a one-bedroom apartment to £260,000 for four bedrooms.The second zone is Al Reem Island, 500 metres north-east of central Abu Dhabi and 20 minutes from the international airport. Covering an area of two-and-a-half square miles, Al Reem is being developed into luxury apartments to house 280,000 residents, shopping malls, a 27-hole golf course, restaurants, resorts, parks, spas and beaches, with a predicted completion date of 2009/10.One of the projects on Al Reem is Oceanscape, a 32-storey apartment tower built by Damac Properties, with prices from £125,000 (one-bedroom) to £740,000 (four-bedroom). According to Damac sales consultant, Paul Williamson, 80 per cent of those looking to buy properties at Oceanscape are doing so as an investment - and most are foreigners living or working in the Middle East but with residency elsewhere.One such buyer is 37-year-old Sharon Eterington, fr
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