Abu Dhabi Real Estate shows a positive sign. As per the Asteco Q1 2024 real estate report, The Abu Dhabi’s real estate sector shows positive signs of growth in the upcoming future with a visible positive increase in the upcoming months. Asteco, a property expert, also stated that the upmarket areas experienced 7-10% increase in rent and identified the prospective merits of villas and apartments for property sales in Abu Dhabi, UAE.
The Abu Dhabi’s real estate report, reflects that Abu Dhabi market saw the completion of 800 residential units across different Investment Zones with a significant portion concentrated in Al Raha Beach during the first quarter.
Abu Dhabi Real Estate report
The most remarkable development was the launch of Yas Canal, the latest villa project located in the same area. This project is expected to get completed by the fourth quarter of 2027, and aims to deliver 1,146 units that will be exclusively available to the UAE nationals.
In the first quarter of 2024, the rental market for villas and apartments were at the same growth rate, with prime and high-end infrastructure, experiencing a surge in demand, resulting in rental increase of 7-10% in comparison with the previous year especially for new contracts.
Approximately 2,660 deals were recorded for apartments and villas, marking a notable 17 per cent rise compared to the same period last year. The off-plan property sales constituted a substantial portion of these transactions, accounting approx. 1,840 deals, or 69% of the total depicting a hike of 2% from the previous quarter.
On the contrary, apartment sales comprised approximately 73% of the total off-plan and nearly 78% of the completed property transactions during the first quarter.
Although the market’s average prices for apartments sold stayed mostly stable, there was a noticeable increase in the higher and luxury segments found on the islands of Yas and Saadiyat.
Variations in average villa sales prices were observed, with quarterly increases varying from 1% to 3%. On the other hand, growth from year to year was more significant, with an average of 10-15 percent.
Rental costs have increased due to the scarcity of prime office space in Abu Dhabi and the rising demand from growing companies as a result of government initiatives to draw in foreign investment.
Source: Arabian Business
