Abu Dhabi witnesses rising real estate transactions totaling upto AED 96.2 billion ($26.19 billion) in 2024, further indicating high economic growth.
The Abu Dhabi Real Estate Center (Adrec) reported on Monday that the number of agreements for the year increased by more than 10% annually.
There were 16,735 sales transactions recorded totaling upto AED 58.5 billion and 11,514 mortgage transactions totaling AED 37.7 billion.
In addition, there were 2,302 foreign direct investors from 105 countries, including the US, UK, Kazakhstan, Russia, France and China which contributed AED 7.86 billion to the emirate’s real estate market last year. The sum represents an annual growth of 125%.
Rashed Al Omaira, interim director general at Adrec, stated, “The increase in FDI demonstrates Abu Dhabi’s flexibility and resilience in a changing global economy. It demonstrates the emirate’s progressive policies, welcoming investment climate and top-notch infrastructure guaranteeing sustainable growth.”
The expansion of the 10-year golden visa program to government programs like residency permits for remote workers and retirees and general economic growth in the UAE amidst diversification attempts have all contributed to the property market’s continued excellent performance.
With steady growth in the non-oil sector, Abu Dhabi’s economy expanded by 4.5% annually in the third quarter of 2024, bringing the total amount of the emirate’s output to AED 301.8 billion at that time.
According to the most recent data, Abu Dhabi saw the completion of 12 significant developments and the debut of 38 real estate projects for off-plan sales last year.
Last year, developers in Abu Dhabi, such as Deyaar and Aldar Properties, presented new projects. These include Aldar’s Mandarin Oriental Residences and Mamsha Gardens on Saadiyat Island and Deyaar’s AED 800 million Rivage project on Al Reem Island, which consists of one, two and three bedroom apartments.
Aldar also launched Yas Riva, a new project on Yas Island that features 151 canal-front villas with four, five and six bedrooms and The Arthouse, an exclusive residential community on Saadiyat with 281 sky villas and premium apartments.
Due to the ongoing demand for real estate, Mr. Al Omaira told The National in an interview last year that 1,800 new residential units are anticipated to be added to the Yas, Saadiyat and Al Reem islands in Abu Dhabi in the first quarter of this year.
He further added “to make sure that we’re in an occupancy rate that’s maintained at a healthy delta in the real estate cycle,” he continued, they “carefully monitor” the supply situation, taking into account population growth, the rollout of new projects and previously approved projects.
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