Abu Dhabi real estate market sees big deals in Q1 of 2024

(MENAFN) The Emirate of Abu Dhabi has seen a robust activity in its real estate sector since the beginning of the year, with the total value of property sales exceeding 9.6 billion dirhams (USD2.6 billion). This figure was achieved through 2,919 buying and selling transactions, comprising 1,167 completed real estate unit sales and 1,752 off-plan transactions. The data, sourced from the "Dari" platform of the Department of Municipalities and Transport in Abu Dhabi, underscores the resilience and vibrancy of the real estate market in the emirate.

Additionally, the platform reported a substantial number of real estate mortgages during the first three months of 2024, with around 2,208 transactions amounting to 6.3 billion dirhams. Consequently, the cumulative value of real estate transactions in Abu Dhabi for the first quarter of the year soared to approximately 15.9 billion dirhams (USD4.3 billion), facilitated by a total of 5,127 sales and mortgage transactions across various property types.

Highlighting notable transactions, the "Dari" platform identified significant activity in prime locations such as Saadiyat Island and Yas Island, particularly in projects developed by Aldar Properties. Transactions on Yas Island amounted to 23.5 million dirhams, while those on Saadiyat Island totaled around 14.3 million dirhams. These figures underscore the attractiveness of premium developments in Abu Dhabi and reflect investor confidence in the market's potential for growth and returns.

The steady flow of transactions and the substantial value exchanged in the real estate market during the first quarter signal positive momentum and resilience in Abu Dhabi's property sector. With ongoing developments and investments contributing to the city's infrastructure and amenities, the outlook remains optimistic for continued growth and activity in the emirate's real estate landscape.



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