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%.
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