Today's Edition
KHALED AL KHAWALDEH (ABU DHABI)
Abu Dhabi’s real estate market soared in the first half of 2024, according to a new report by the real estate site Bayut.
The report highlights a marked increase in both average sales prices and rents amidst strong international investment and high demand for housing.
According to the report released last week, rents for luxury apartments grew by a whopping 20% since the start of the year, with luxury villa asking rents growing by 12% in the same period. In the affordable category, rents increased by 9% for apartments and 7% for villas.
Sales prices also saw substantial increases, with the price per square feet for affordable apartments rising by up to 10%, and average villa prices rising by over 6%.
These numbers were inverted for luxury properties, which saw a 6% increase in apartment prices and a 10% increase in villa prices.
“Over the past six months, we have seen the Abu Dhabi real estate market grow, stabilise, and then grow again. Abu Dhabi Real Estate Centre (ADREC)’s recent reports confirm that foreign direct investment is at an all-time high in the capital.
“We can also see how Abu Dhabi has established itself as a strong contender among global property markets in the last 18-24 months.
The diverse range of off-plan projects currently available in Abu Dhabi has significantly contributed to this heightened interest from international HNWIs and investors, particularly in the luxury segment,” Haider Ali Khan, CEO of Bayut and CEO of Dubizzle Group MENA, said.
ADREC announced in June that the capital’s real estate market had received record levels of foreign direct investment (FDI), with 487 individual investors injecting Dh1.81 billion in the first quarter of 2024.
These investors came from a variety of markets, including India, Russia, Canada, the UK, Jordan, and China, all of which significantly increased their investments compared to the same period last year.
