Aldar announces its first wellness project in Abu Dhabi
Metropolitan Capital Real Estate has registered a record full-year sales of AED 1.6B (USD 435.6M) in Abu Dhabi. The average transaction value also saw an increase of AED 2.7M (USD 735K) which is 42% higher in comparison to 2021. There has been an almost double growth in the sphere of off-plan properties, reaching close to 10% of the whole off-plan real estate market, with freehold areas sold in the Emirati capital. In terms of secondary markets, sales saw an increase of 30% compared to the previous year.
Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, stated that the real estate market of the Emirati capital has seen a strong recovery in recent years and significant strength in 2022. Up to 80% of purchases are made by UAE citizens or residents of the country. He added that Abu Dhabi also attracts foreign buyers, as the majority of Metropolitan Capital Real Estate buyers are from CIS and European countries, as well as India and GCC countries.
Apartments and villas saw a recorded annual price increase with an average of 4%. For instance, several developments in the desirable areas of Saadiyat Island and Al Raha Beach saw a growth of 8–10% in comparison to 2021.
Metropolitan Capital Real Estate brokers saw a 50% growth in the sales of premium residences with the launch of Reem Hills. Premium villa communities are in high demand among buyers, with up to 25% growth since 2020. Both ready-to-move-in and off-plan villas attract the attention of potential buyers and investors, and in terms of premium residences, villa communities on Yas Island, Saadiyat Island and Nurai Island were among the most popular options. Due to the lack of these types of real estate units, there is an increase in sales prices.
Located in Al Reem Island
Villas in the complex of Reem Hills on Al Reem Island. Developer Q Properties offers units for sale at favourable prices
Evgeny Ratskevich also said that the company expects that both off-plan and secondary real estate units will continue their elevation in 2023. In his opinion, properties with a cost from AED 7M (USD 1.9M), especially villas, will outperform, as well as premium apartments. In terms of affordable residential units, the situation doesn’t look like it will change. The cost per sq. ft will grow by 5–10%. At the same time, the total number of completed units is supposed to be 6,000 in 2023, whilst the previous year, this number was 8,500, which could lead to a price growth.
The CEO of Metropolitan Capital Real Estate noted that due to new developers’ entering the real estate market within the Emirati capital, the number of upcoming projects is supposed to double, with a sales volume expected to increase by 20–50%.
In 2022 the biggest transaction made by Metropolitan Capital Real Estate was a villa with an area of 10,750 sq. ft on Nurai Island which was sold for AED 45M (USD 12.3M). Among other expensive developments were off-plan villas in Reem Hills with a cost of AED 20M (USD 5.4M) and several properties in Mamsha Saadiyat exceeding AED 12M (USD 3.3M).
Last year our company became Top Sales Partner for Al Baraka, NIC and SAAS Properties, and was listed in the top 5 of the agencies working with world-famous developers such as Aldar Properties, Q Properties and Imkan. Moreover, we were awarded as Agency of the Year by Bayut, became a winner of House of the Super Agent by Propertyfinder in the enterprise category, and received an award for the Best Real Estate Broker from the International Property Award, as well as many more.
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