MAYS IBRAHIM (ABU DHABI)
Abu Dhabi's property market has maintained its upward trajectory in 2024, driven by a mix of off-plan developments, new buyers, strategic infrastructure projects, and investor-friendly policies, according to the latest research from dubizzle.
Its annual property market report for Abu Dhabi indicates that the sector has seen increased demand from investors in 2024, with major contributions from multi-billion-dirham housing and infrastructure projects led by the Abu Dhabi Real Estate Centre (ADREC).
CEO of dubizzle and Dubizzle Group MENA, Haider Ali Khan, said: "Abu Dhabi's real estate sector has continued on its steady growth trajectory this year, with significant advancements across developments, infrastructure, and sustainability efforts. The completion of dozens of key projects, adding thousands of new housing units, has been a major driver of this momentum."
Key Highlights
Yas Island has emerged as the top choice for luxury apartments, with an average price of Dh1.74 million. Al Raha Beach also attracted those seeking luxury apartments, with annual rents averaging Dh112,000.
Yas Island also remains dominant in the luxury villa segment, with villas priced at Dh4.18 million on average and an annual rent of Dh238,000.
Al Jubail Island has recorded the highest return on investment (ROI) for luxury villas at 6.40%, while Yas Island led the ROI for luxury apartments at 6.41%. In the affordable segment, Al Reef delivered a solid ROI of 5.97% for villas, while Al Ghadeer saw an ROI of 8.40% for affordable apartments.
Al Reem Island continues to be a favourite for buyers of affordable apartments, with an average price of Dh1.37 million. Al Reef stands out for affordable villas, with an average sales price of Dh2.12 million. For rental properties, Khalifa City offers some of the most affordable apartments, with average annual rents of Dh44,000.
The report also noted that off-plan properties in Abu Dhabi have seen growing investor interest.
Key developments include City of Lights in Al Reem Island, popular for affordable apartments priced at Dh1.59 million, and Yas Bay on Yas Island, which offers luxury apartments with an average price of Dh1.90 million. For villas, Reem Hills on Al Reem Island is a top choice in the affordable segment, with prices averaging Dh4.65 million.
Sales and Rental Trends
In 2024, the average sales price for luxury apartments in Abu Dhabi ranged from Dh1.74 million to Dh4.31 million.
Areas like Yas Island, Al Raha Beach, and Saadiyat Island continued to attract high-end buyers, while affordable apartment prices varied between Dh615,000 and Dh1.37 million, with Al Reem Island and Masdar City emerging as popular choices.
Similarly, the average price of luxury villas ranged from Dh4.18 million to Dh11.53 million, with Yas Island and Saadiyat Island continuing to top the list.
For rentals, luxury apartments in Abu Dhabi saw annual rents ranging from Dh98,000 to Dh141,000, with Yas Island, Al Raha Beach, and the Corniche Area leading demand.
Meanwhile, affordable apartments in areas like Khalifa City and Al Reem Island were available for rents between Dh44,000 and Dh93,000 annually.
The demand for villas also remains strong, with luxury villa rents ranging from Dh182,000 to Dh570,000 per year.
Yas Island continues to be a leading area for luxury villa rentals, while more affordable villas in areas like Mohammed Bin Zayed City and Khalifa City saw average annual rents between Dh129,000 and Dh179,000.