Abu Dhabi’s real estate market saw exponential growth in the third quarter of 2024 with the luxury market witnessing notable trends as new developments emerge. Areas like Yas Island and Al Reem Island have emerged as hotspots, showing strong demand and impressive returns. DARI also reports a significant rise in the sales value of off-plan projects, increasing from AED4.5 billion in Q2 2024 to AED5.4 billion in Q3 2024.
“This growth demonstrates confidence in the market, which will drive its continued upward momentum. The capital’s economic stability and premier urban experience, along with landmark projects like the upcoming Jubail Islands, continue to attract international investment, fueling market growth,” stated Haider Khan, CEO of dubizzle and Dubizzle Group MENA.
Luxury apartment and villa sale trends
Dubizzle‘s latest trends report revealed that Al Reem Island, Yas Island and Al Raha Beach have consistently ranked among the most popular luxury areas for apartments in Abu Dhabi’s real estate market. High-end projects, tourist attractions and waterfront locations have helped these areas take the lead. With an average sales price of AED1.39 million and an ROI of 85 percent, Al Reem Island has led the luxury apartment market segment in Abu Dhabi.
Saadiyat Island, with an average sales price of AED3.32 million, and Al Maryah Island, with AED1.15 million, have also remained popular among luxury apartment buyers.
Much like the luxury apartment segment, Yas Island, Saadiyat Island, and Al Reem Island continue to attract buyers for luxury villas. The sales price of villas in Yas Island has averaged AED4.25 million, with an ROI of around 42 percent. Meanwhile, the price has been AED8.91 million for Saadiyat Island and AED5.15 million for Al Reem Island.
Notably, Al Jubail Island has witnessed the highest increase of 95 percent in the average sales price of villas, making it AED10.26 million for Q3 2024. Al Matar has also remained a popular option for buying luxury villas, with an average sales price of AED4.18 million and an ROI of 48 percent.
Abu Dhabi’s off-plan property market
Off-plan properties across Abu Dhabi’s real estate sector have continued to garner significant attention in Q3 2024, particularly in areas with future growth potential.
The waterfront community of Yas Bay has become the top choice for luxury off-plan apartments, with an asking price of AED2.02 million. Buyers have also favored the City of Lights in Al Reem Island, offering luxury apartments at an average sales price of AED1.41 million. The Saadiyat Cultural District in Saadiyat Island has also emerged as one of the most searched-for projects with an average sales price of AED3.35 million.
As for luxury villas, the Noya Viva Yas Island, with an asking price of AED3.37 million, has remained popular among buyers looking for luxury villas. With an average sales price of AED8.53 million, the Saadiyat Lagoons in Saadiyat Island have emerged as a preferred choice for luxury villa buyers. Reem Hills in Al Reem Island has also topped the list of popular off-plan projects with an average sales price of AED5.25 million.
Read: Villa on Dubai’s Palm Jumeirah sells for $35.4 million
Affordable apartment and villa sale trends
Affordable apartments in Abu Dhabi’s real estate sector have also witnessed notable demand with Al Reef, Masdar City, and Al Ghadeer emerging as popular choices in Q3 2024.
The sales price of apartments in Al Reef has averaged AED857,000, with an ROI of 90 percent. Whereas Masdar City ranked second on the list, with a sales price of AED904,000 and an ROI of 6.94 percent. Masdar City recorded the highest price per square foot of AED1,191. Meanwhile, the highest change in the per square foot prices was 28 percent in Al Ghadeer.
In Q3 2024, the sales prices of studio apartments in Al Reef, Masdar City, and Al Ghadeer have averaged AED471,000, AED560,000 and AED434,000, respectively.
For affordable villas, buyers have shown interest in Al Reef, Al Shamkha, and Zayed City. The sales price of villas in Al Reef has averaged AED2.16 million with an ROI of 5.97 percent. The average sales price in Al Ghadeer has jumped from AED1.97 million in Q2 2024 to AED2.35 million in Q3 2024, the highest in the affordable villa segment.
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