Staff Report,
Dubai, UAE
With several significant projects in hand, Abu Dhabi’s residential sector is soaring as sales transactions have increased by 50 percent from the third quarter last year. CBRE’s latest report shows that the volume of transactions increased 84.3 percent from Q3 2022, standing at 2,930 in Q3 2023. Prominent locations like Al Reem Island recorded Dh2.1 billion from 282 transactions in July alone, while Al Saadiyat Island topped the list with transactions worth Dh3 billion in the first half of 2023.
Transactions mostly comprised off-plan properties. The Abu Dhabi real estate market remains resilient as it marches into the last quarter of 2023 while investors expect to reap benefits from prime residential locations.
Dr Adeeb Al Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport (DMT), commented on the capital’s market performance in the first half of 2023, “The recently released report by the DMT reveals an impressive volume of activity, with 10,557 property transactions totalling over AED46.33 billion. These figures reaffirm the enduring appeal and solid growth potential of our market, positioning Abu Dhabi as an attractive destination for local and global investors.”
A minimal rise in apartment prices by 0.9 percent has been recorded by CBRE. On the other hand, villa prices marginally dropped by 0.1 percent. According to Sobha Realty, one of Dubai’s top developers, apartments are generally located in the metropolitan areas, thereby garnering higher demand from buyers, and consequently, resulting in price growth. Abu Dhabi is on schedule to complete 2,200 units, primarily apartments located within master planned communities such as Al Raha Beach, Al Maryah Island, and Al Reem Island.
Ends
