Flip through the latest issue of Gulf Weekly.
The sudden stagnation of the Dubai real estate industry has led property investors to the shores of Abu Dhabi.
Abu Dhabi is home to a tenth of the world's oil reserves making it by far the richest Emirate in the UAE.
The Abu Dhabi 2030 plan has been instrumental in the transformation of this golden Emirate and the construction industry is working overtime to cope with the predicted trebling of the current population.
Oliver Hickey, managing director of Nexus Development, said: "Despite its wealth, Abu Dhabi was never in competition with Dubai; Dubai having the necessity to react quickly to counteract its dwindling oil supplies. Having opted for a more reserved route to market, Abu Dhabi has retained its dignity and composure and as a result now finds itself in a commanding position despite a global financial meltdown."
Abu Dhabi continues to prosper, yet will it succumb to the same fate as Dubai?
Mr Hickey said: "Abu Dhabi's finances are robust to say the least. Its fiscal breakeven point in regards to oil is at $30 per barrel which is well below today's oil price. A recently instigated credit report has rated Abu Dhabi as a high grade investment country with superb financial security.
"This coupled with continued oil reserves, Abu Dhabi Plan 2030 and the rapidly growing population, set Abu Dhabi apart from many of its competitors. The demand for residential and business properties seems assured.
"Figures for 2008 highlighted that Abu Dhabi was the investment capital of the Middle East showing that 74 per cent of properties bought were for investment purposes. Furthermore figures indicated that 94 per cent of all properties bought in the Emirate were off-plan, a further indication as to the strength of this emerging market.
"For 2009, there is already a predicted shortfall of up to 20,000 properties, this will further fuel investors in the buy-to-let market. In short it seems inconceivable that Abu Dhabi will suffer the same fate as Dubai. Abu Dhabi will prosper as an Emirate as will those that step onto the property market."
Nexus Development specialises in the Middle Eastern region, providing a comprehensive range of property advisory and master planning services, including land holding companies, investors, government agencies and financial institutes.
