Abu Dhabi's Masdar Initiative breaks ground on City of the Future

UAE. On 9 February at 6.30pm in Abu Dhabi, the Masdar Initiative will break ground on Masdar City, the world's first zero-carbon, zero-waste, car-free city, powered entirely by renewable energy. Leading architects and engineers have come together from around the world to design Masdar City, which will save more than US$2 billion of oil over 25 years and serve as a benchmark for the next generation of green design.

“As this is the first time the R&R Local Property Show is moving out of Dubai to cover real estate on offer in Northern Emirates, we wanted to understand residents’ opinion on issues connected with living and working in that region,” said Tessa Morris, Marketing Director, DSL Exhibitions.

“It also gives our exhibitors, partners and associates a better understanding of residents’ key concerns with regard to Northern Emirates.”

The survey was conducted online between 15 and 20 January 2008 with 200 residents who have lived in the UAE for three years or more. Below are the main survey findings.

Comparison of living and business facilities with Dubai and Abu Dhabi

While it is generally accepted that lifestyle facilities in Dubai and Abu Dhabi are substantially better than those in Northern Emirates, the findings reflect that approximately a quarter of those polled place Northern Emirates at par with the bigger neighbours, definitely a great starting point for the region. 82.5% of the respondents also said that it is cheaper to live in Northern Emirates, while a strong 44% felt that the region now offers business infrastructure at par with Dubai and Abu Dhabi.

Debashis Bose, who lives in Ajman, commented: “Northern Emirates has the opportunity to invest in development and build a strong self sufficient economy. This will attract more visitors, at the same time residents will contribute towards sustaining such growth.”

Q Northern Emirates offer a better standard of living, comparable with Dubai and Abu Dhabi, in terms of:

• Healthcare:   Agree 25.5%  Disagree 51%  Neutral 23.5%
• Education:   Agree 29.5%  Disagree 43%  Neutral 27.5%
• Infrastructure:  Agree 18.5%  Disagree 61.5%  Neutral 20%
• Basic amenities:  Agree 30.5%  Disagree 46%  Neutral 23.5%
• Shopping:   Agree 31.5%  Disagree 49.5%  Neutral 19%
• Entertainment:  Agree 22.5%  Disagree 58.5%  Neutral 19%

Q It is cheaper to live in Northern Emirates when compared with Dubai and Abu Dhabi:

• Agree 82.5% / Disagree 9% / Neutral 8.5%

Q Northern Emirates are now offering business infrastructure and facilities at par with Dubai and Abu Dhabi:

• Agree 44% / Disagree 32% / Neutral 24%

Northern Emirates as a growth opportunity are untapped

An overwhelming 72% of the respondents agreed that the region has the potential for much faster growth. A large segment identified real estate and tourism as areas of growth, both of which are being aggressively pursued by administrations in the region.

Amir Pardesi of Star Giga Establishment, a property developer who launched Goldcrest Dreams agreed. “Real Estate will remain the primary engine of growth for Northern Emirates for some time to come,” he said.

Q Northern Emirates represent a growth opportunity, as yet untapped:

• Agree 72% / Disagree 11.5% / Neutral 16.5%

Q In what areas do you see this opportunity as strongest?

• Real Estate 46.3% / Trading 18.1% / Tourism 31.1% / Other 4.5%

Integration with Dubai and Abu Dhabi as a critical factor for growth

Some 85% of those polled believe that better integration with its more developed neighbors is key to the region’s development. A whopping 85% also said that fast and frequent public transport, connecting Northern Emirates with its giant neighbours will significantly boost growth opportunities and development in the region.

Khurram Burney of BL Properties agreed. “Lack of connectivity with Dubai and Abu Dhabi has kept Northern Emirates out of the development mainstream for a long period,” he said. “If people are able to commute across the Emirates easily, the whole country will benefit.”

Q Integration with Dubai, Abu Dhabi key to the development of the Northern Emirates:

• Agree 85% / Disagree 8% / Neutral 7%

Q Fast and frequent public transport from Dubai and Abu Dhabi will significantly boost Northern Emirates development:

• Agree 85% / Disagree 8.5% / Neutral 6.5%

Real estate market in Northern Emirates

While the region offers better home financing products as well as more flexible payment plans - especially in Ajman - when compared with Dubai and Abu Dhabi, not everyone seems aware of this, as only 39.5% of the respondents agreed with this.

Some 68% of those polled however agreed that there seems to be a lot of property on offer in the region but a majority (74.5%) said they were not aware of the different property laws in each Emirate.

Q Northern Emirates offer better home financing products than Dubai or Abu Dhabi:

• Agree 39.5% / Disagree 30% / Neutral 30.5%

Q Are you aware of the more flexible payment plans offered in places like Ajman?

• Yes 22.5% / No 77.5%

Q Does it seem that there is a lot of property on offer for sale in the Northern Emirates?

• Yes 68% / No 32%

Q Are you aware of the different property laws in each Emirate?

• Yes 25.5% / No 74.5%

Most attractive Northern Emirate

Sharjah came out as the best Northern Emirate, on several counts: as an investment destination (48.9%), most desirable to live in (60%) and the one promoting itself most actively (60%). However, Ras Al Khaimah figured prominently in each area as a strong second.

Annette Evans of Sherwoods Property Consultants added: “Ras Al Khaimah is fast becoming an attractive business and leisure destination, offering a lifestyle choice, surrounded by sea and mountains for those who would like to escape the rat race, and excellent business opportunities encouraging enterprise.”  

Q Which Northern Emirate represents the most attractive destination for investors?

• Sharjah 51% / Ajman 15% / Umm Al Quwain 3.5% / Ras Al Khaimah 22% / Fujairah 8.5%

Q Which Northern Emirates is the most desirable to live in?

• Sharjah 60% / Ajman 12.5% / Umm Al Quwain 3.5% / Ras Al Khaimah 16.5% / Fujairah 7.5%

Q Which Northern Emirate seems most active in promoting itself?

• Sharjah 64% / Ajman 14% / Umm Al Quwain 4.5% / Ras Al Khaimah 16% / Fujairah 1.5%

Note: DSL Exhibitions is an international exhibition and conference company that specialises in organising events in the Middle East. The company’s mission is "to create an effective platform, in a conducive environment, to bring clients and consumers together in one location for a common purpose.” DSL Exhibitions has many brands under which the company organises its shows to keep up with the complexities of ever-changing markets. Their property exhibitions attract leading international developers, agents, lenders, mortgage brokers, lawyers and investment consultants