Friday, June 21, 2024
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Global Private Capital of $796.8 Million Targets the Real Estate Markets in Abu Dhabi and RAK.

A report revealed that high-net-worth individuals (HNWIs) from across the globe are willing to invest $408.3 million in residential real estate in Abu Dhabi and an additional $388.5 million in Ras Al Khaimah.

HNWIs show a moderate appetite to buy real estate in the UAE capital, with 23% expressing a desire to do so, according to global property consultancy Knight Frank’s second annual 2024 Destination Dubai report. With an increase in personal net worth, this pattern swiftly reverses. While only 14% of people with a net worth between $2 and $5 million are eager to buy real estate in Abu Dhabi, 57% of people with personal wealth over $15 million are interested in doing so for residential property in the UAE’s capital.

Knight Frank also emphasizes the effectiveness of the “Visit Abu Dhabi” campaign, noting that 50% of expat HNWIs based in the GCC and 67% of global HNWIs with a net worth of over $20 million said the Department of Culture & Tourism, Abu Dhabi, had directly encouraged them to visit the city through its global advertising efforts.

According to Shehzad Jamal, Partner, Strategy & Consultancy, MEA, Over the past four years, Abu Dhabi’s residential values have stayed relatively stable, which has played a significant role in encouraging domestic buyers to switch from renting to buying.” Furthermore, as homes in Abu Dhabi still cost roughly Dh1,000 per square foot, they are roughly one-third less expensive than those in Dubai.

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