Abu Dhabi continues to actively develop its economic and tourism potential in 2022, which positively affects the emirate's real estate market. According to the results of the first four months of the year, there has been a high demand in off-plan, as well as completed properties among foreign investors and buyers in comparison to the same period in 2021. Metropolitan Capital Real Estate, which is a part of the Metropolitan Group, has seen a 50% increase in foreign buyers, and 90% of them decided to move to the Emirati capital with their families.
Most Popular Areas Among Buyers and Tenants
The majority of buyers are from Western European countries specifically from Italy, Germany, Austria and France. However, Metropolitan Capital Real Estate has also seen a great increase in buyers from Australia and the CIS countries.
The most popular areas in the city are Yas Island, Saadiyat Island, Al Reem Island, Khalifa City and Al Raha Beach. Properties from these locations take 80% of the sales of the real estate agency. Yas Island takes the leading position with AED 1,200,000 (USD 327,000), while Saadiyat Island is in second place with AED 673,000 (USD 183,000).
As stated by The Department of Municipalities and Transport, 3,304 real estate transactions were processed during Q1 2022. A total of 1,722 real estate purchases and sales transactions costing AED 4,350,000 (USD 1,184,000) were recorded, as well as 1,582 mortgage transactions which were worth AED 6,900,000 (USD 1,879,000). The entire value reached AED 11,300,000 (USD 3,076,000).
Apart from residential units which are offered to Emiratis and foreigners to purchase, one can also consider business options. Among the locations which attract business professionals wishing to set up their own business in the Emirati capital, one can consider free zones such as Masdar, Abu Dhabi Global Market (ADGM), twofour54, Industrial City of Abu Dhabi (ICAD) and Khalifa Industrial Zone (KIZAD).
In terms of rental activities, villas on Yas Island and Saadiyat Island are in high demand among tenants., and the prices of renting a villa became 2% higher in Q1 2022. Spacious living spaces have gained popularity during the quarantine period and this trend has continued even after the height of the pandemic.
Aldar Properties’ News
Louvre Abu Dhabi Residences by Aldar Properties has become one of the most attractive projects among international buyers. The units of this project were sold out within days of the official launch. Louvre Abu Dhabi Residences on Saadiyat Island is the first residential property under the Louvre Abu Dhabi brand. Among the luxurious amenities which will be offered to residents are an infinity swimming pool, a gym, yoga and pilates studios, a movie theatre, a children's play area, and a range of residential services. The project will be completed in Q1 2025.
Aldar Properties has held several open house events which took place in Abu Dhabi, as well as abroad. One of the latest shows organised by Metropolitan Capital Real Estate in partnership with Aldar Properties happened in Vienna on June 10th and 11th. During these events visitors got the opportunity to learn more about the latest projects, obtain all the information about the newest launches, and ask questions connected to the Abu Dhabi real estate sector.
There are also several new projects to come, as Aldar Properties has announced the purchase of a land plot on Saadiyat Island. The area of the plot is 66.7M sq. ft. and, according to the master plan of the developer, about 2,700 residential units, the majority of which will be villas, will be located there, accommodating more than 15,000 residents. A large green area which aims to create a nature-inspired environment will be created here as well.
Enhancements to the Emirati Visa System
As stated by the CEO of Metropolitan Capital Real Estate, Evgenyi Ratskevich, there has been a historical record in terms of the Abu Dhabi real estate market, as the purchases made both by Emiratis and foreign citizens have increased by 80%, which can be explained by the safety of the Emirates, business and investment opportunities, as well as other reasons, including the changes in the visa system.
According to the enhancements to the Emirati visa system, those who purchase a residential property that costs from AED 2,000,000 (USD 545,000) have the right to apply for the Golden Visa. Furthermore, their spouse, children and houseworkers will be able to obtain a visa as well. If you continue to be the owner of the property after the expiry of the visa, it can also be prolonged.
If you are interested in purchasing a home in Abu Dhabi, do not hesitate to contact a professional real estate agent. Metropolitan Capital Real Estate LLC will provide you with the latest information regarding the real estate market in Abu Dhabi, as well as help you in choosing the property which will correspond to your needs. Our company is also the official representative of Aldar Properties and IMKAN.