Abu Dhabi Real Estate Witnessing Growth Due to New Visa Policy
The Abu Dhabi real estate market is steadily witnessing a new growth phase and this is due to several pro-active measures undertaken by the UAE Government. The Government has already introduced long-term visas and residencies, along with game-changing regulations for property ownership in case of foreign or global investors that will boost the real estate sector.
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Abu Dhabi will now allow foreign buyers to own land and property situated in Abu Dhabi, albeit in dedicated investment zones.
These are areas that will witness stellar growth, with transaction count steadily increasing in the near future. There is a huge demand for luxury waterfront apartments for sale in Abu Dhabi. One of the popular projects in the fast-growing residential communities is Azure Al Reem Island, Abu Dhabi.
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In the latest updates, Abu Dhabi has officially lined up an interactive digital map for the benefit of investors in real estate. This digital map will make it more convenient for investors in Abu Dhabi to easily zero in on their chosen land and find sites that are available for development.
The Emirate is also looking at ways to lower real estate costs that will benefit buyers and developers in the long run.
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More About This Pioneering Move
The DPM or Department of Urban Planning and Municipalities has already rolled out a brand new digital map called ‘My Land’. It offers people a new and extensive Abu Dhabi map with live data and information on pending land usage and addresses and locations of communal facilities situated nearby.
The data outlines investment, commercial, residential, agricultural and industrial plots along with their geographical locations and the way to access them.
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The platform has a mission for supporting investors while boosting the Abu Dhabi real estate sector. The new platform will be a major contributor towards enhancing data, providing integrated information for investors, landowners and developers and fulfilling the needs of land planning.
All these factors will certainly stimulate economic growth and boost real estate along with social development across the Emirate of Abu Dhabi.
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The new platform is a part of several strategic measures launched by the DPM under the Ghadan 21 blueprint and its major goals, as per the statement issued by authorities.
The Ghadan 21 blueprint for boosting the Abu Dhabi economy was launched by the Abu Dhabi Government last year with a Dh50 billion fund. This is expected to positively impact the Abu Dhabi property market in tandem with other measures such as 100% foreign ownership of land in the Emirate with long-term visa sanctions. In H1 2019, real estate in Abu Dhabi witnessed 10,000 transactions which are worth around Dh31 billion as per reports.
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