Abu Dhabi Real Estate: Growth in Rentals and Sales

The real estate sector in Abu Dhabi is demonstrating growth, with rental rates in prestigious areas increasing by 7-10%, according to Asteco’s report for the first quarter of 2024.

Stable Rental Market

In the first quarter of 2024, the rental market for villas and apartments remained stable, with premium and high-quality properties in high demand, leading to an increase in rental rates.

Growth in Property Sales

The property sales market showed significant growth, with 2,660 transactions involving apartments and villas, a 17% increase compared to the same period last year. Off-plan sales accounted for 69% of all transactions.

Prices for Apartments and Villas

Average prices for apartments remained unchanged, but there was growth in the high-end and luxury segments on Yas and Saadiyat Islands. Villa prices increased by 1-3% over the quarter and by 10-15% year-on-year.

Shortage of Office Space

The growth in rental rates for high-quality office spaces continued, with an increase of 5-7%, driven by limited supply and growing business demand.

New Projects

The most significant project is the opening of Yas Canal, a new mega villa project, which will be completed by the fourth quarter of 2027 and includes 1,146 units exclusively available to UAE nationals. Source

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