The capital is the fourth major natural gas producer in the world. The capital contains approximately all 500 Arabic Fortune companies and currently has 88 billion barrels of proven oil reserves.
However, the region is now trying to reduce its dependence on oil and is growing its economy into financial services and tourism sectors. Billions of pounds have been to be paid for infrastructure projects and the development of the residential property, leisure and cultural schemes across the emirate.
Real Estate Market in Abu Dhabi
The sector of Real Estate companies Abu Dhabi is still developing. The property sector is not interlinked with the financial sector, thus the housing market in a city does not operate on the same fundamentals as a more established property market. Yet the city population is increasing which placing extra pressure on the property sector and increases the growth of real estate companies in Abu Dhabi.
There is no income or capital gains tax to pay and there is no restriction on relocating residency for local people as well as foreign investors.UAE Properties offered leasehold up to 99 years because there are no freeholds available.