Bloom Living Olvera — a new development in Abu Dhabi
Bloom Holding introduces a new collection of exclusive townhouses — Olvera at Bloom Living, offering attractive purchasing plans and appealing investment returns. .
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Abu Dhabi registered the highest growth in rental rates since 2016
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The overall average rental price for residential real estate in the emirate of Abu Dhabi rose by 6.1% on an annual basis, according to a ValuStrat report. These indicators register the highest growth rate since 2016. In the first quarter of this year capital values of residential real estate demonstrated a marginal drop of less than 1%.
Strategic advisory and research firm ValuStrat in its Abu Dhabi Q1 2022 Real Estate Research stated that, in 2021, the residential capital values in the capital of the UAE posted a jump of 7.5% over the previous year and reached 70.8 points. The valuation-based housing price index shows that all residential properties monitored by ValuStrat demonstrated annual growth in capital values varying from 5.2% to 10.1%.
The weighted average residential value in the first quarter of this year constituted AED 9,214 (USD 2,500) per sq.m. or approximately AED 838 (USD 228.15) per sq. ft.
| property type | per sq. ft. | per sq.m. |
| Apartments | AED 910 (USD 248) | AED 10,010 (USD 2,700) |
| Villas | AED 666 (USD 182) | AED 7,298 (USD 2,000) |
The highest annual capital gains were registered in villas on Saadiyat Island (10%) and Al Raha (9.2%), while the best performing apartments were registered on Al Muneera Island (6.6%), Saadiyat Island (6.2%) and Al Reem Island (6.1%).
According to the ValuStrat report, the anticipated upcoming new residential supply for 2022 is estimated to be 7,932 housing units, including 7,659 apartments and 273 villas. Most of the expected supply of the total projections will fall within Al Reem Island (35%), Al Raha Beach (32%) and Al Maryah Island (22%).
The total value of apartment and villa transactions in the capital of the UAE during January-March this year was more than AED 8.6B (USD 2.3B), and the number of transactions constituted 2,736. The citywide average asking rental price within the same period in Abu Dhabi grew 2.9%.
The report stated that office rental prices in primary commercial areas of Abu Dhabi recovered 6.6% on a quarterly basis, and saw a 1% rise on an annual basis. The average citywide asking rental prices for offices with sizes ranging from 1,000 sq.ft to 2,000 sq.ft constituted AED 79 (USD 22) per sq.ft or AED 869 (USD 236.6) per sq.m.
