I am currently looking for a buyer for a whole floor in Gate Tower, Al Reem Island Abu Dhabi. Price psf here is 1,625-1,650. In my eyes I believe this to be significantly below market and that the apartments will sell on individually at Cityscape Dubai and in the months until the end of the year for approximately 2,000 psf. This may seem slightly bullish compared to some re-sales on the island; however 2,000 psf still offers a 20% discount to current list price. Certain brokers I am in touch with seem very confident of re-selling individual apartments upwards of 2,500 psf – I think this is a little far fetched though!

As far as I can see, markets such as Reem Island are wide open to cash rich purchasers who can afford to buy out large premiums and then take a gamble on the secondary market remaining fairly buoyant. If the gamble works, then bulk cash deals can be very profitable!

If only I had the cash, I would take a deal like this, as well as look at other areas such as Al Reef Villas which will be one of the first freehold developments to complete in Abu Dhabi!

Does anyone have any feedback as to re-sale experience on Al Reem Island and where you see the secondary market heading in Abu Dhabi??

What do you guys think of HYDRA AVENUE serviced apartments in Abu Dhabi? IS it good ot buy in re-sale? For how much aed per sq ft?

I've heard prices will jump during cityscape..

prices will go up for the island by next year ..

firas. thanks for yr input. please elaborate.

thanks.

This does sound cheap. Whats the premium? And when's completion due?

premium is very high - AED 9.5m
completion is early 2011

I've got a 423 sq ft serviced apartment with a partial seaview on the 8th floor for 2300/sq ft, if you are interested. Great option if you are looking to be an end-user (i.e. get rental income from it).

what is the completion date?

December 2010