Q1 2023 sales at Metropolitan Capital Real Estate totalled more than AED 1.2B (USD 327M)

Amidst the boom in Abu Dhabi’s property market, Metropolitan Capital Real Estate registered more than AED 1.2B (USD 327M) in sales. These figures almost equal the total amount of sales from the agency in 2022 at AED 1.6B (USD 436M).

In February of the current year (2023), Metropolitan Capital Real Estate’s sales surpassed AED 400M (USD 109M), and in March these indicators reached an all-time high of AED 600M (USD 164M). Such a success was fuelled by a range of sensational new launches in the UAE capital, including Ramhan Island by Eagle Hills and Sea La Vie by Nine Yards. Not forgetting Ohana By The Sea by Ohana, which was exclusively represented by Metropolitan Capital Real Estate and sold out in less than 30 days.

The agency witnessed a demand among buyers from European countries, such as Italy, France, Switzerland, Austria, Germany and the UK, alongside the CIS and India. Many buyers started choosing Abu Dhabi as the primary home, where they relocated with their families, as the emirate boasts an extremely safe environment and lucrative business policies.

According to Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, the investment appeal of Abu Dhabi can be explained by the affordability of the price per sq. ft, compared to other metropolitan cities worldwide. And amidst an inflow of HNWIs, developers have started introducing ultra-luxury properties, which were almost non-existent previously.

Metropolitan Capital Real Estate recorded a 100% increase in upscale segment sales. At the same time, off-plan sales almost quadrupled and secondary sales rose by 20% in Q1 2023 compared to Q4 2022. In terms of prices, apartments and villa values grew by 1.5% and 2% respectively. Luxury villa communities maintained their appeal, with some registering a nearly 3% increase in comparison with the final quarter of 2022.

Mr. Ratskevich expects the average price per sq. ft to rise by a healthy 5–10% during the rest of 2023. Developers will launch an array of new projects, particularly in the uber-luxe category, which will further drive the market’s growth. According to Mr. Ratskevich, real estate priced at AED 20M (USD 5.4M) and above, especially villas, will outperform in contrast with other segments. Luxury apartments are highly likely to stay in strong demand as well. Properties in the budget-friendly and mid-size segments will remain the same this year.

Besides Metropolitan Capital Real Estate LLC, Metropolitan Group has one more agency in the UAE called Metropolitan Premium Properties, which operates in Dubai. There is also Metropolitan Consulting FZE — a supporting company offering legal services in the UAE for individuals and businesses.