Abu Dhabi Real Estate Market Hits $13 Billion In Transactions In 2024

Abu Dhabi real estate market has been a hot topic of discussion over the past year, and for good reason.

In 2024, the emirate saw a remarkable $13 billion (AED 47.92 billion) in real estate transactions, marking a significant milestone for the region. This impressive figure reflects a 4% increase in transaction volume compared to the previous year, with a total of 14,662 transactions recorded.

Residential properties were the star performers in Abu Dhabi’s real estate market last year. They accounted for 66% of the total transaction volume and 53% of the total value, with 9,707 transactions worth AED 25.6 billion. This indicates a strong demand for residential properties, driven by both local and international buyers.

One of the standout trends in Abu Dhabi’s real estate market was the dominance of the off-plan market. Off-plan properties, which are sold before they are built, represented 55.5% of the total transactions, with 5,385 deals recorded. These off-plan transactions amounted to AED 16.34 billion, making up 63.8% of the total residential sales transaction value. The popularity of off-plan properties can be attributed to the attractive pricing and the potential for capital appreciation once the properties are completed.

The existing property market also showed significant growth in 2024. Transactions involving existing properties experienced a notable year-on-year increase of 53.4% in volume, reaching approximately 4,320 deals. These transactions contributed to 64% of the overall transaction volume and accounted for AED 9.27 billion in value, marking a 34.7% increase compared to the previous year. This growth can be attributed to the rising demand for ready-to-move-in properties, as buyers seek immediate occupancy and avoid the wait associated with off-plan purchases.

Several factors contributed to the robust performance of Abu Dhabi’s real estate market in 2024. The emirate’s strategic economic reforms, urban development initiatives, and efforts to diversify its economy have made it an attractive destination for investors and residents alike. Additionally, the abolition of the minimum down payment requirement for UAE golden visa holders has boosted expatriate interest in the market, further driving demand.

Looking ahead, the outlook for Abu Dhabi’s real estate market remains positive. With ongoing urban development projects, strategic economic reforms, and a growing expatriate population, the market is expected to continue its upward trajectory in 2025 and beyond. The launch of new off-plan projects and the continued growth of the existing property market are likely to sustain the momentum and attract more investors to the region.

In conclusion, Abu Dhabi’s real estate market achieved remarkable growth in 2024, with $13 billion in transactions and a 4% increase in transaction volume. The strong performance of residential properties, the dominance of the off-plan market, and the growth in the existing property market all contributed to this success. As the emirate continues to implement strategic economic reforms and attract global investors, the future looks bright for Abu Dhabi’s real estate sector.