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Of those that live in the UAE (both expats and Emiratis) and already own property in the country, many of those who have bought homes in Abu Dhabi have also invested in units in the other emirates, with Dubai being the most popular.
Just under 66% of those who have bought in Abu Dhabi also bought units in Dubai, followed by Ajman.
Abu Dhabi properties attract investors
Most of the properties, 74%, were bought as investments, capitalising on the booming housing market in the emirate, where prices have been rising by an average of two thirds per year according to industry figures.
This is reflected in the types of properties that proved the most popular. One and two bedroom apartments accounted for the most purchases, at 27% and 30% respectively, possibly because these are the most sought after by speculators as well as those looking to rent out their units.
Those that invested in villas in developments in the UAE capital went for larger sizes; three and four bedroom houses being the norm among respondents.
Because of the lack of available housing, the Abu Dhabi Chamber of Commerce and Industry puts the shortfall of units needed on the market at 20,000 for 2008 - a disparity that is set to increase next year.
As such, 94% of the properties were bought off-plan. Unfortunately, just over half of those who took part in the survey found that their homes faced a delayed rollout onto the market with their properties either being handed over, or due to be handed over, later than the original deadline.
UAE residents planning to buy
For those that lived in the UAE and planned to buy property in Abu Dhabi, similarly to those who had already bought, many were also looking at purchasing additional units in other emirates, with Dubai and Ajman again proving the most popular secondary locations.
By contrast to the first group, however, while two bedroom apartments were still the most popular probable purchase, 45% said that this was the type of unit that they were looking at buying, the surprise runner up were three bedroom villas (42%), showing a higher likelihood of end user interest in the market.
However, it should be remembered that this group have yet to buy, and may therefore find that their ambitions have to be scaled back once they begin the purchase process, because of the rapid and continual increase in property prices.
Also popular among this group were one bedroom flats and two and four bedroom villas.
Those that were interested in buying properties off-plan said that they were doing so because these were cheaper than ready built units and presented better investment opportunities, especially with the likely rate of price appreciation.
Slightly over 57% of those that wanted to buy ready-built houses were looking to move in immediately.
Non-residents invest in UAE property
Thirty-nine percent of respondents to the AME Info survey were non-UAE residents, and among that group, Dubai remained the emirate of choice for those who planned to buy in the country.
UAE-but-bought.jpg" alt="property graph" />But we found that 78% of non-residents who had already bought a property in the UAE had done so in Abu Dhabi.
Edward Poultney, Editor - English
