Today's Edition
KHALED AL KHAWALDEH (ABU DHABI)
Abu Dhabi's real estate market continues to grow, with record-breaking mortgage transactions and a wave of new luxury developments, according to the latest report from real estate company Bayut.
The report found that in the third quarter of 2024, Abu Dhabi's mortgage market experienced a substantial growth of 20 percent, with transaction volumes reaching Dh13.5 billion across 2,594 deals.
This surge marks the highest quarterly volume recorded in several years, reflecting robust demand for residential properties.
The emirate achieved a sales value of Dh9.2 billion, resulting in the sale of 3,161 real estate units.
Notably, Dh4.1 billion was generated from completed units, while off-plan sales accounted for Dh5.1 billion, indicating a healthy balance between immediate occupancy and future projects.
This increased activity comes on the heels of Abu Dhabi's recognition as one of the top five cities in the world for real estate transparency, according to the latest Global Real Estate Transparency Index.
The report highlights the Emirates' implementation of significant digital capabilities, enhancing anti-money laundering (AML) and beneficial ownership (BO) regulations.
It says such initiatives have not only improved the availability of market data but also fortified investor confidence, fostering a more dynamic and transparent market environment.
Among the notable developments was ALDAR Properties announcement of a Dh1.5 billion investment into the revitalisation of its hotel portfolio to cater to the burgeoning luxury market.
This includes the transformation of the Eastern Mangroves hotel into a Waldorf Astoria branded resort, alongside upgrades to various other properties in the region.
Meanwhile, the report found that Dubai continued to grow as a global real estate hub.
In September 2024, Azizi Developments announced the complete sale of all units in its luxury residential project, Pearl, located in Al Furjan.
This development showcases 192 studios, 54 one-bedroom units, and 14 two-bedroom apartments, drawing significant interest from a diverse buyer base.
Notably, 25 percent of buyers were UAE residents, while investors from the US, Italy, Germany, and GCC nations accounted for the rest.
Furthermore, new projects are emerging throughout Dubai, including the luxury Eden House development in Dubai Hills Estate, which promises modern apartments and exclusive townhouses.
