ABU DHABI // Even at nearly Dh3 million for a one-bedroom flat, and three years before they’re built, the offer was tempting.
The chance to buy a beachfront home on Saadiyat Island, a stroll from the new Louvre Abu Dhabi, Zayed National Museum and Guggenheim Abu Dhabi, had potential buyers flocking to the invitation-only sale on Monday.
TDIC, Abu Dhabi’s Tourism Development and Investment Company, is offering one-bedroom to four-bedroom apartments and some lofts and townhouses at Mamsha Al Saadiyat, or Saadiyat Walk.
They went on sale to UAE nationals on Saturday and to expatriates on Monday.
“We are here to pick up a property,” said one buyer, an Indian who was born and brought up in the UAE. “I’m looking for anything available really. It’s expensive, but I think the property will go up, especially if the Guggenheim comes up and the Louvre comes up.”
He already owns property elsewhere but said Mamsha Al Saadiyat was tempting for its location.
“They are supposed to change the property laws here so that tempts me,” the buyer said. “Also I live here so this is fine by me.”
Others, however, were more interested in owning property to avoid having to pay soaring rents.
“Why waste your money on renting when you can own an asset?” said one potential buyer, a UK expatriate. “Maybe I’ll be here for four or five years, but even in that time it makes sense. There’s absolutely no reason to throw money away on renting when you can buy.
“And this property is stunning. It’s on the beach and the museums will be international attractions in a place that should maintain its value.”
Some buyers thought the prices were too high.
“The prices don’t go well with the market,” said a university employee. “I can understand where they are coming from, but I think the market they are targeting is different from myself. I’m an end consumer.”
He thought the prices indicated that the homes were aimed at property companies looking for rental income.
“Most developers in Abu Dhabi target real estate companies,” he said. “I don’t think it’s positive for the community to not have the end consumer in mind and not make properties available at reasonable prices.”
He said apartment prices in Abu Dhabi were comparable to those in New York. “I like it here and I would have liked to think of this as a longer-term place as well where my career can grow, but the problem is if this is the market and this trend continues, I’d rather just take it year by year and think about other options to put my money down.”
There was a huge discrepancy in property prices in Abu Dhabi, he said.
On the one hand there were a lot of young people being attracted to the UAE for the opportunities, but on the other the property market was not practical for long-term investment, he said.
nalwasmi@thenational.ae