The real Estate sector in Abu Dhabi saw a good start to 2024. Transactions worth $4.33 billion were recorded in the first quarter.
According to Municipalities and Transport department data, around 5,127 sales transactions happened during January-March. Looks like the market is on a roll!
A deeper look at the numbers shows 2,919 sales and purchases worth over AED9.6 billion. Out of these, 1,167 were ready properties, while 1,752 were off-plan units. On top of this, more than 2,200 mortgages amounting to AED6.3 billion. were logged. More buyers seem to be taking loans to fund their property purchases.
Yas Island and Al Saadiyat Island saw the top deals, thanks to mega projects by Aldar Properties . Transactions on Yas totalled AED 23.5 million, and Al Saadiyat crossed AED 14.3 million. Experts are stoked with the fabulous start to 2024. Activity was higher than in Q1 of last year. Prices have stabilized after the pandemic turbulence, too.
More new launches are lined up as well. Developers remain upbeat on demand. Al Akaria just announced $235.1 million in construction contracts. Jubail Island also unveiled a $1 billion beachfront project.
Expat demand is surging too, with hotspots like Neom in Saudi becoming top draws. Riyadh’s Financial District is seeing crazy development as well. In short, Abu Dhabi’s property sector is recovering after COVID-19 uncertainties. The explosion in Q1 transactions and projects spells confidence. Developers are launching properties for all segments.
With the economy slowly improving, demand should keep rising. Affordability may suffer if prices and mortgage rates increase. But real estate remains key for Abu Dhabi’s growth plans. The fabulous start in early 2024 is a huge positive!
