Categories: IndustryReal Estate

‘Good time to invest in Abu Dhabi property market’: Bayut report indicates

According to a recent Bayut report, the Abu Dhabi real estate market saw significant increases in sales prices and rental rates in the first half of 2024 across both the affordable and luxury segments.

Residential island communities have experienced significant price appreciation in the luxury villa market. Yas Island proved to be an exceptional performer, as the cost of opulent homes rose by 10.3%. The increased demand for upscale properties in the area is the reason for this notable increase.

Prices for luxury villas increased by up to 10% in popular areas, while other locations also saw significant growth.

“Over the past six months, we have seen the Abu Dhabi real estate market grow, stabilise and then grow again. 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,” Haider Ali Khan, CEO of Bayut and CEO of Dubizzle Group MENA said, Arabian Business reported.

The market for upscale apartments has performed similarly well. With an appreciation rate of 6%, Saadiyat Island saw the biggest increase, confirming its status as a top destination for upscale apartments.

Prices for premium apartments on Yas Island and Al Reem Island increased by 27% and 27%, respectively, indicating the strong demand for opulent real estate in the capital.

The market has demonstrated growth and resilience in the affordable segment. The advertised sales price-per-square-foot of apartments in Al Reef saw a “modest rise” of 2.16%, while apartments in Al Ghadeer saw a notable increase of 9.5%. This pattern suggests that investors and buyers are becoming more interested in less expensive options.

Moreover, there has also been encouraging movement in the market for affordable villas. In the first half of 2024, the average sales prices per square foot of affordable villas rose by as much as 7%.

Business Now Desk

Recent Posts

Two Brothers vs. the AI Threat: Building the Firewall for the Future

Devin and Gavin’s journey is even more striking given their background. At just 17, they…

3 days ago

Demystifying Wealth: How The Simple Wealth Blueprint is Helping People Rebuild, Reset and Rise

Business Now got in touch with Javail Marshall to discuss how his platform is breaking…

1 week ago

Turning Hype into Help: Olga Brumnik’s Vision for Practical AI in Logistics

Business Now got in touch with Olga Brumnik to explore the origins of Beevanta

2 weeks ago

AdOrbix Powers Smarter eCommerce Growth

AdOrbix stands out because we have operator DNA

2 weeks ago

WahResume Is Rethinking Job Applications with Smart AI and Real-Life Empathy

Business Now got in touch with Johnu Marattil, founder of WahResume, and he shared the…

2 weeks ago

ASHRAM: Transforming Project Management with AI, Precision, and Purpose

Businesses today need a partner that blends AI-driven solutions, system improvements, resource optimization, agile delivery,…

2 weeks ago