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The Abu Dhabi real estate market is changing fast. A big boost in secondary sales is expected by the end of 2024. According to Metropolitan Capital Real Estate (MCRE), nearly 4,000 new villas and townhouses will be delivered in the last quarter.
The 40% share of new units will go to Yas Island. This is a big moment for the secondary market. Secondary sales already surpassed 2023’s total with the surge in new properties.
This change shows buyers now prefer ready-to-move-in properties over off-plan ones.
Abu Dhabi Real Estate Growing Appeal for Buyers and Investors
Thus, its modern infrastructure, safety, and family-friendly amenities also make Abu Dhabi increasingly popular with investors and families, promoting national and international buyers.
Ready-to-move-in properties are now more in demand. Consumers seek ease. MCRE says that the secondary market is better than off-plan sales.
Q3 2024 sales were up 43% from the previous year. Sales reached AED 3.02 billion, or $822 million. It is expected that the fourth quarter will be even better.
The numbers behind the boom
The numbers do tell a persuasive story. Off-plan market recorded AED 23.1 billion ($6.3 billion) in 2023. Secondary market AED 7.59 billion ($2.7 billion).
It will be reduced by 2024. Already, the third quarter of Q3 hit AED 8 billion, equivalent to $2.2 billion, which already represents available properties bringing growth into the secondary sector.
Yas Island Leading the Charge.
Yas Island is a key player in Abu Dhabi’s real estate. It will get nearly 40% of the new units in Q4. It’s known for luxury living, shopping, and leisure attractions.
High-end villas, townhouses, and apartments are offered in the Yas Island. This diversifies its choice for buyers, appealing to various tastes and ways of living.
This new issue of property stocks is attracting more options for buyers. Therefore, it is forcing rivalry in the secondary market. Due to this, an opportunity is available for investors to purchase suitable properties with rental incomes also.
This indicates a strong continuity of interest in rentals both from residents and expatriates, and this has been confirmed by the stability of rental prices as well.
Favorable Market Condition for Investors
The current environment is favorable for investors. Abu Dhabi offers incentives like freehold ownership in designated areas and attractive financing options. The city’s property laws support foreign ownership, making it accessible to international investors.
The diversified economy and strong infrastructure of Abu Dhabi make it a good investment destination for real estate. Secondary market properties are attractive to investors. They provide immediate rental income, which is valuable in today’s economic landscape.
As the costs of living keep rising, every investor needs properties that will never leave them waiting without some form of return even for a little while. All these advantages make off-plan market safer for giving stability to those who ask for risk-free properties.
Abu Dhabi’s Real Estate Future: Looking Ahead to 2025
Increased interest is seen in the current real estate market in Abu Dhabi going into 2025. Sustainable development and smart technology are emphasized in the city, making it more attractive to consumers and investors alike.
Urban development projects and government plans are driving Abu Dhabi’s growth. This makes it a top choice for people worldwide.
The delivery of new villas and townhouses is scheduled for Q4 2024. This is a giant leap for Abu Dhabi’s secondary market, representing the vision of the city to become one of the world’s top lifestyle hubs.
More foreign investments will find Abu Dhabi at the tail-end of 2024. It will attract individuals in search of safe and valuable assets.
Conclusion
The rapid expansion of Abu Dhabi’s secondary real estate market in 2024 reflects a new phase in the city’s property sector. Ready-to-move-in villas and townhouses are leading in this case. This difference is changing the market scenario.
Such interest emanates from local and foreign buyers, which makes 2024 a critical year for Abu Dhabi real estate. In future years, maybe the majority of developers will focus on available-to-move-in properties.
