Abu Dhabi real estate market is experiencing a significant boom, particularly in the secondary market, as nearly 4,000 new villas and townhouses are set to be delivered by the end of 2024.
This surge in new properties is driving strong demand and reshaping the landscape of the city’s real estate market.
The secondary market in Abu Dhabi has traditionally been overshadowed by the off plan market, where buyers purchase properties before they are built. However, recent trends indicate a shift in buyer preferences towards ready-to-move-in properties. This shift is largely due to the increasing number of high-quality, ready-to-move-in properties entering the market.
According to Metropolitan Capital Real Estate (MCRE), a leading real estate agency in Abu Dhabi, the secondary market is on track to achieve historic highs this year. The agency expects nearly 4,000 villas and townhouses to be delivered in the last quarter of 2024, with Yas Island alone accounting for 40% of all units delivered in Abu Dhabi.
Several factors are contributing to the boom in Abu Dhabi’s secondary market. First, the city’s increasing appeal as a desirable location for both investors and residents is attracting a surge of interest from both domestic and international buyers. Abu Dhabi’s unique attractions, safety, and family friendly environment make it an attractive destination for those looking to invest in real estate.
Second, the gap between the secondary and off plan markets is narrowing significantly. This indicates a shift in buyer preferences towards ready-to-move-in properties. Buyers are increasingly opting for properties that are already built and ready for occupancy, rather than waiting for new developments to be completed.
The influx of new units is driving strong demand in the secondary market, which has already surpassed the total sales volume recorded for the entire year of 2023. In 2023, the secondary market reached AED 7.59 billion in sales, while this year (year-to-date), it has already reached AED 8 billion. This growth is a testament to Abu Dhabi’s increasing appeal as a desirable location for both investors and residents.
MCRE anticipates continued growth in the secondary market, with sales expected to nearly double to AED 4 billion in the last quarter of 2024 compared to the same period in 2023. This growth is expected to further narrow the gap between the secondary and off-plan markets, indicating a sustained shift in buyer preferences.
The future outlook for Abu Dhabi’s real estate market looks promising, with the secondary market expected to continue its upward trajectory. The city’s increasing appeal, coupled with the delivery of thousands of new villas and townhouses, is likely to attract even more investors and residents in the coming years.
As the secondary market continues to grow, it will be interesting to see how the real estate landscape in Abu Dhabi evolves. The shift towards ready-to-move-in properties suggests that buyers are becoming more discerning and are looking for properties that offer immediate occupancy and convenience.
In conclusion, Abu Dhabi’s real estate market is experiencing a significant boom, driven by the delivery of thousands of new villas and townhouses. This surge in new properties is reshaping the market and driving strong demand in the secondary market. With the city’s increasing appeal and the shift in buyer preferences, the future looks bright for Abu Dhabi’s real estate market.
For more latest real estate news and requirements please contact us at  +971 50 502 6788 or visit our official website by clicking here.
