The value of real estate transactions in Abu Dhabi amounted to $4.3 billion (AED 15.9 billion) in the first quarter of 2024, with a total of 5,127 sales and mortgage transactions recorded in the period.
First quarter sales
The total value of sales in Abu Dhabi from the beginning of 2024 until Tuesday reached $2.6 billion (AED 9.6 billion), with a total of 2,919 buying and selling transactions recorded in the emirate, the UAE’s state-run Emirates News Agency (WAM) reported Tuesday, citing data from the DARI platform of the Department of Municipalities and Transport (DMT).
As many as 1,167 ready-made real estate units and 1,752 off-plan were sold, with 2,208 real estate mortgages worth $1.7 billion (AED 6.3 billion) recorded during the first three months of this year.
The report showed the largest real estate transactions in Abu Dhabi during the last week were recorded on Saadiyat Island and Yas Island. The total value of transactions on Yas Island amounted to $6.3 million (AED 23.5 million), while on Saadiyat Island, it reached $3.9 million (AED 14.3 million).
Activity in last year
The value of buying and selling transactions soared by 159.5% to $16.6 billion (AED 61 billion) in 2023, with the number of transactions surging by 73.7% to 15,653, DMT’s Abu Dhabi Real Estate Centre (ADREC) reported last month.
Real estate activity in Abu Dhabi, including buying, selling, and mortgage transactions, collectively witnessed a 12.2% rise based on a total of 22,751 transactions recorded in 2023, representing a 19.5% increase in the number of transactions compared to the previous year.
There was also a notable rise in the number of investors participating in the emirate’s real estate market last year.
Inflated prices
On the back of higher demand in Abu Dhabi’s occupier market, rental rates have been on the rise since the last quarter of 2023, a report from Coldwell Banker Richard Ellis (CBRE) showed.
Average apartment prices in Abu Dhabi’s residential market increased by 1.1% in the fourth quarter, whereas average villa prices remained almost unchanged from the comparable period a year earlier.
