Expats returning to Abu Dhabi, says estate agent

Expatriates are showing renewed interest in Abu Dhabi, according to a real estate agent.

Omar Ali Ragheb, manager of Ramco Real Estate, has suggested that house prices in the region are being pushed up partly due to an increase in demand from expats.

The city saw decline in foreign interest following the financial difficulties that hit the area last year.

Now the economy is beginning to pick up again, many workers are considering putting their plans to move to the emirate back into action.

"Abu Dhabi is still considered an attractive investment destination by foreigners, which means there could be many new projects this year. This could exert upward pressure on rents but on the other hand, we will see downward pressure from new housing projects just outside the city," said Mr Ragheb.

The United Arab Emirates Dirham is the currency of Abu Dhabi.

Posted by Thomas Smith

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