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The Abu Dhabi residential real estate market saw high demand in Q3 2023. During this period, about 3,000 deals were concluded, which is 84% more than last year. Off-plan real estate sales rose by 102%, whilst sales within the secondary market increased by 46%.
By the third quarter of the current year, 7,800 transactions have been made, which equates to 91% already,compared to last year. The number of off-plan deals and secondary housing increased by 135% and 23%, respectively, and the average cost of apartments rose by almost 1%, whilst villas decreased by 0.1%.
Rental prices for apartments and villas increased by more than 1% by Q3 2023, with the average annual rental cost in Abu Dhabi reaching AED 66.8K (USD 18.2K) for apartments and AED 161.7K. (USD 44K) for villas. It is expected that rental rates in the UAE capital will continue to grow in the near future.
In Abu Dhabi, 2,300 units were handed over in the period up to Q3 2023, with 63% of those properties located in Najmat Abu Dhabi and Shams Abu Dhabi. Construction of another 3,500 units will be completed by the end of this year, and 63% will be on Al Maryah Island. But some projects will be commissioned in 2024.
The Abu Dhabi real estate market remains very attractive among investors, as evidenced by the increasing number of property transactions and stable prices. High demand has been recorded for both off-plan projects and ready objects.
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