Global demand for real estate in Abu Dhabi
Profits of the Abu Dhabi development company; Aldar Properties, increased by 109% year-on-year, with a AED19.4B (USD 5.3B) sales surge driven by international investors in the first nine months of 2023. In addition, 11 major projects have been launched since the beginning of the year, whilst sales by international investors rose by an impressive 160% year-on-year.
The company's sales reached AED 7.8B (USD 2.1B) in Q3, which is 99% more than during the same period last year. This is the highest-ever indicator of a developer's quarterly sales.
The financial gain from the record number of sales within the real estate market in the emirate is also reflected in the results of Aldar's activities. In Q3, net profit rose by 48% year-on-year to AED 900M (USD 245M), whilst revenue increased by 27% to AED 3.5B (USD 953M).
The home market of the developer, which is the emirate of Abu Dhabi, is supported by a stable economy and a regulatory environment that creates convenient conditions for business and investment. The excess of sales and profits of Aldar Properties by more than AED 19B (USB 5B) proves the strong global demand for real estate in the UAE capital among international investors. It also confirms the position of Abu Dhabi as the preferred destination for a long-term residence, business and leisure.