Covid 19 22 Apr 2020
Abu Dhabi Waives OFF 100% Registration Fees On All Real Estate Projects !
With the economy struggling on account of the Covid-19 pandemic, most of the countries across the world are struggling. In a bid to maintain the growth and to stabilize the economy as a whole, Abu Dhabi has now made a new proposal by announcing a 100% waiver on registration fees for all the residential projects, until the year-end. This new resolution will be almost like a welcome breather for the many discerning buyers and investors.
The announcing of these new measures will go a long way to retain the goodwill of the customers. Besides, scrapping of the registration fee appears to be a great move, especially when most of the people are having a difficult time.
Other than these, the tweaking of payment plans and schemes is also likely to attract first-time home buyers.
How will the 100% waiver help?
Of course, there are bound to be some positives and this usually includes the likes of:
- Reduce the overall stress on short-term cost pressure on the developer
- Helps to strengthen the economy apart from maintaining the competitive edge
- It is also expected to boost the overall demand in the UAE real estate market
These new initiatives will by and large help to increase the interest of the investor, apart from offering relief. One thing that works for the Real- estate market even today is that it has gradually transformed itself by becoming much more stable and sustainable, at the same time.
As of now, the focus is on providing the benefits to buyers, and on that front, the government along with the developers are making effort to address the concerns of all.
Abu Dhabi Real Estate Market in 2020
On account of the Covid-19 outbreak, things have changed a lot. The ground situation pertaining to the Abu Dhabi real estate market has seen a massive turn around. Most of the leading developers like Aldar, Reportage, and Imkan are now looking for new strategies.
It was estimated that by the end of 2020, nearly 11,400 residential units were expected to be made available. Set within the master-planned communities such as Al Reem Island, Al Raha Beach, Saadiyat Island, and Phase 1 of Riyadh City, there was a great deal of excitement.
Is the resolution going to make any difference?
The resolution towards exempting registration fees will provide some amount of reaffirmation to the investors and buyers that Abu Dhabi is keen to address their concerns. By announcing this new move, it is expected to pay great dividends and will help the economy sustain itself in this tough time.