The Abu Dhabi real estate market has shown robust growth and stability in the first half of 2024, according to a comprehensive report released by Bayut, the UAE’s leading property portal.
The analysis reveals substantial increases in asking prices for both affordable and luxury properties, reflecting a surge in demand across various segments of the market.
In the sales sector, luxury villa communities on Yas Island have seen the most significant price appreciation, with an increase of 10.3% in the average advertised price-per-square-foot. Saadiyat Island led the luxury apartment market with a 6% price increase. The affordable segment also experienced growth, with apartments in Al Ghadeer recording a notable 9.5% increase in asking prices.
The rental market has shown similar strength, with luxury apartment rents in popular neighborhoods increasing by up to 21%, particularly in Saadiyat Island and Al Raha Beach. Affordable apartment rentals have seen appreciation of more than 7% in areas such as Al Muroor.
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Haider Ali Khan, CEO of Bayut and CEO of Dubizzle Group MENA, attributed this growth to several factors, including increased foreign direct investment and a diverse range of off-plan projects. “Recent industry reports by the Abu Dhabi Real Estate Centre (ADREC) confirm that foreign direct investment is at an all-time high in the capital, cementing the emirate’s position as a strong contender among global property markets in the last 18-24 months,” Khan stated.
The report also highlighted strong returns on investment (ROI) in various areas. Affordable apartments in Al Ghadeer offered a high projected ROI of 8.52%, while luxury apartments in Al Reem Island maintained a strong projected rental yield of 6.94%.
Off-plan developments continue to attract both budget-friendly and luxury buyers. Royal Park and Bloom Living were top choices for affordable apartments, while Yas Bay, City of Lights, and Saadiyat Cultural District were popular among luxury buyers.
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