DESTINATION ABU DHABI : ULTRA RICH APPEAL
Abu Dhabi has positioned itself as a cultural hub while also creating world-class residential communities and business hubs such as Yas Island, Abu Dhabi Global Market, and Saadiyat Island, which have helped to propel the city into a global tourist and investment hot-spot.
26 May 2023
At 21%, Abu Dhabi ranks second behind Dubai (67%) amongst our UHNWI survey respondents as their most preferred investment location in the UAE.
World-class museums on Saadiyat Island, such as the Louvre and the upcoming Guggenheim and Zayed museums, will help further bolster the emirate’s appeal amongst travellers.
These cultural icons, along with Sheikh Zayed Grand Mosque and the national palace Qasr Al Wattan, are helping to diversify the entertainment attractions that already count the emirate as home, such as Warner Bros World and Ferrari World, both of which are adjacent to the Yas Island F1 circuit (the host of the season-ending race since 2009).
We wanted to question global UHNWI on how these developments impact their perceptions and attitudes towards Abu Dhabi as an investment destination.
Overall, our survey has revealed that 45% of our respondents have indeed been influenced by the real estate, entertainment, and cultural real estate developments in Abu Dhabi.
Those with a net worth of between US$ 3-5 million and US$ 5-10 million appear to have been far less influenced by the transformation of Abu Dhabi, with 63% and 62%, respectively, of these groups claiming not to have had their view on investing in the city impacted, either positively or negatively.
In contrast, 57% of those with a net worth in excess of US$ 10 million view the emirate as a more favourable investment locale.
EASTERN PROMISE
When it comes to geographic appeal, 70% of East Asian respondents say that recent developments in Abu Dhabi have positively affected their desire to purchase real estate in the emirate.
This compares to just 31% of those from North America and 19% from Europe and the UK.
LOVE THY NEIGHBOUR
Dubai’s global appeal and its emergence as one of the world’s most visited cities are undoubtedly helping galvanise interest in other emirates across the UAE. Indeed, our survey results confirm this, as 73% of frequent visitors to Dubai (> once a year) are more likely to make a real estate purchase in Abu Dhabi following its recent developments.
