Abu Dhabi recorded 28,249 property transactions last year, according to the latest data. Pawan Singh / The National
Abu Dhabi recorded 28,249 property transactions last year, according to the latest data. Pawan Singh / The National

Abu Dhabi property deals rose 10% to $26bn in 2024 on strong demand



Abu Dhabi recorded real estate deals valued at Dh96.2 billion ($26.19 billion) in 2024, as demand for property remains strong because of high economic growth.

The total value of deals for the year rose by more than 10 per cent on an annual basis, while the number of transactions increased by about 24 per cent to 28,249, the Abu Dhabi Real Estate Centre (Adrec) said on Monday.

Sales transactions for the period were 16,735, with a total value of Dh58.5 billion, and mortgage transactions reached 11,514, with a total value of Dh37.7 billion.

The emirate’s property sector also attracted Dh7.86 billion worth of foreign direct investment last year, from 2,302 investors from 105 countries, including the US, the UK, Kazakhstan, Russia, France and China. The amount marked a 125 per cent annual increase.

“The surge in FDI highlights Abu Dhabi’s adaptability and resilience in an evolving global economy,” said Rashed Al Omaira, acting director general at Adrec. “It is a testament to the emirate’s forward-thinking policies, investment-friendly environment and world-class infrastructure that ensure sustainable growth.”

The UAE’s property market continues to perform strongly on government initiatives such as residency permits for retired and remote workers, as well as the expansion of the 10-year golden visa programme and overall growth in the UAE’s economy amid diversification efforts.

Abu Dhabi's economy grew by 4.5 per cent on a yearly basis in the third quarter of 2024, driven by sustained growth in the non-oil sector, with the value of the emirate's economic output reaching Dh301.8 billion for the period.

Last year in Abu Dhabi, 12 major developments were completed and 38 real estate projects for off-plan sales launched, according to the latest data.

Developers including Aldar Properties and Deyaar unveiled new projects in Abu Dhabi last year. These include Deyaar's Dh800 million Rivage project on Al Reem island consisting of one, two and three-bed units and Aldar's Mandarin Oriental Residences and Mamsha Gardens on Saadiyat Island.

Aldar also unveiled The Arthouse, an exclusive residential community on Saadiyat, with 281 premium apartments and sky villas and a new project on Yas Island named Yas Riva, with 151 four, five and six-bedroom canal-front villas.

About 1,800 new residential units are expected to go on Abu Dhabi's market until the first quarter of this year in Yas, Saadiyat and Al Reem islands amid continued demand for property, Mr Al Omaira told The National in an interview last year.

He added that they “carefully monitor” the supply situation, taking into consideration the population growth and roll out of new projects and previously approved projects “to make sure that we're in an occupancy rate that's maintained at a healthy delta in the real estate cycle”.

Updated: January 28, 2025, 6:41 AM