Years back in 1930 Abu Dhabi was a no more a poor fishing village on desert. Besides fishing, emirate was struggled to improve local economy via trading pearl but it didn’t depend for longer duration. But soon after the discovery of oil this emirate was revolutionized. Now it is known to possess sixth largest oil reserve in the world and now it has become extremely rich city of this world. This city is located on island and the whole emirate consists of more than 200 islands. After observing phenomenal growth of Dubai as a result of investing in finance, trade and service industries, State Government, investors and developers have decided to diversify its economy and start investing dollars earned from oil export to progress other industries in the emirate. This emirate is on the right pathway to become a cosmopolitan city and trade hub of United Arab Emirates. Such strong efforts enable this emirate to get it identified among well developed cities of this world. People with different intentions like second home seekers, job seekers and investors across the globe are considering Abu Dhabi to find opportunities.
Developers also start building several Abu Dhabi residential property projects to execute accommodation needs of local, expats, corporate travelers and tourists visiting this city. As this emirate has largest land area among all seven emirates of United Arab Emirates, it will not face land shortage in future like Dubai. Plenty of land space is available for developers to build residential developments. Major residential property projects include mid level to high rise apartment buildings that may offer studio apartments and super luxury flats, villa communities and town houses. Before 2005, foreigners are not allowed to make property purchase in Abu Dhabi. But after approving new property laws emirate allowed foreigners to purchase freehold properties in specific areas of the city. This has lead developers to start several residential development projects in such areas, still number of them are not completed and under construction.
If you study prices and rental rates in Abu Dhabi, you will find them much higher as compare to Dubai. This is mainly because of shortage in supply. It is very tricky game to find suitable residential property on rent and buying purposes. Common Abu Dhabi residential property types that are available on rent for expats include apartment and villas. Villa communities and apartment complexes are located on different locations and provide different level of comfort and accessibility to other main areas of this city. Expats have to show extra concern when finalizing about renting or buying to accommodate them.