Abu Dhabi’s real estate market is poised for a promising year, supported by a booming economy and strategic investments. The emirate is strengthening its position as a premier destination for investors seeking diverse and lucrative opportunities.
The real estate market in Abu Dhabi started 2024 on a strong note, registering over $1.36 billion in transactions in the first month. With 1,386 sales and mortgages across various property types, this figure surpasses previous records, indicating a promising outlook for the year ahead.
The surge in the real estate market is attributed to various factors. Mortgage activity played a significant role, with approximately $707 million secured through 635 deals. Sales also grew, reaching around $680,000 from 751 transactions, with 363 involving ready properties and 388 involving off-plan ventures.
“Prestige Tower” in Mohamed bin Zayed City held the crown for the most valuable transaction at $4.5 million, followed by “Mamsha Al Saadiyat” on Saadiyat Island at $3.4 million. These hefty deals highlight the market’s strength and investor confidence.
The profitable real estate sector in Abu Dhabi is attributed to both government initiatives and high-quality projects by private developers. In collaboration with private efforts, the Department of Municipalities and Transport has strengthened Abu Dhabi’s appeal for local and foreign investors, enhancing its global competitiveness.
Analysts anticipate sustained growth in 2024. ValuStrat predicts a 3-5% increase in residential capital values, with freehold villas expected to experience significant gains. The report also highlights the growing demand for Grade-A office spaces, indicating potential growth in the commercial sector.
Moreover, with a projected 4.3% growth rate by the UAE Central Bank and a 4% GDP increase anticipated by the IMF, the UAE economy sets the stage for ongoing expansion in the real estate sector. The substantial $52 billion federal budget further reinforces this positive outlook.
For a detailed perspective on the property market, visit: Abu Dhabi - Review 2023-2024 Outlook
