The Disney Effect: Abu Dhabi’s Housing Market Has Boomed This Year
The Disney effect is already being felt in Abu Dhabi, where the housing market has surged following Disney’s announcement that a new theme park was coming to the U.A.E capital.
As a quick recap, earlier this year, Disney CEO Bob Iger shocked the themed park industry when he announced that Disney would be building a park in Abu Dhabi.
Photo: Disney
“This is a thrilling moment for our company as we announce plans to build an exciting Disney theme park resort in Abu Dhabi, whose culture is rich with an appreciation of the arts and creativity,” Iger said.
“As our seventh theme park destination, it will rise from this land in spectacular fashion, blending contemporary architecture with cutting-edge technology to offer guests deeply immersive entertainment experiences in unique and modern ways.”
While Disney has yet to announce when the park will open, the effects of the company coming to Abu Dhabi are already being felt.
Property Sales Have Doubled This Summer
According to a new report from Mansion Global, property sales in Abu Dhabi have doubled year-over-year this summer. Additionally, the total value of transactions between June and August increased to AED $11.8 billion (USD $3.21 billion).
Photo: Disney Abu Dhabi
With Disney on the way, foreign buyers have begun to invest heavily in Abu Dhabi, with foreigners making up 70% of the 594 deals completed by Metropolitan Capital Real Estate.
“We saw capital shift decisively into off-plan and luxury segments, where yields remain strong,” Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, said in a statement.
“The fact that transaction values doubled year on year while prices remained stable highlights the market’s maturity and sustainability.”
An Unprecedented Boom in Abu Dhabi
With Disney on the way and land cheaper than it is in Dubai, Abu Dhabi is seeing an unprecedented boom in the real estate market.
Once again, the power of Disney to transform economies is on full display.
