UAE Real Estate Markets Continue To Thrive!
Following an Asteco analysis, the UAE‘s residential and office markets are growing as a result of corporate liberalization and federal programs such as the Golden Visa, as well as a rebound in global travel, increased tourism, and retail activity from the FIFA World Cup Qatar 2022.
Abu Dhabi’s residential and commercial markets
Over 1,000 units were delivered in the Abu Dhabi market in the third quarter of this year throughout the neighbourhoods of Al Raha Beach, Reem Island, Yas Island, and Saadiyat Island.
Numerous developments, notably Al Jubail Island’s Ain Maha Village, with over 240 homes, have been inaugurated in the recent six months. Yas Park Gate was also opened, with approximately 500 residential units set to be completed.
Villas and townhouses were in high demand; on average, villa rental prices grew by 2%, while premier villa community rentals climbed by 4% over the quarter.
Demand for new off-the-plan villa developments and finished projects was high in the residential sales markets.
Most villa estates have seen a significant surge in demand in recent months.
Dubai’s residential and commercial markets
About 6,000 flats were supplied in the third quarter, while villa supplies grew dramatically. In the first half of 2022, 800 units were given over, compared to 2000 properties incorporated in the previous three months.
The bulk of new villas were delivered in forthcoming complexes such as DAMAC Hills and Dubai South.
Rents for apartments and villas continued to rise in 2023, with quarterly increases of 4% and 5%, respectively.
The annual villa rent growth rate increased by 22 percent, whereas average apartment rentals increased by 15 percent. Rents are predicted to climb until 2023, although oversupply remains a worry, according to the research.
Markets in Al Ain and the Northern Emirates
Apartment and rental rates have risen in the previous three months, with average quarterly hikes of 3%.
In accordance with the Sharjah Real Estate Registration Directorate, the average apartment sales price in Sharjah grew by 3% during the quarter (SRERD) Because of increasing interest, the Sharjah real estate industry witnessed a 23 percent rise in property sales during the third quarter, with 16,781 transactions worth AED5.7 billion.
Al Ain saw no quarterly or yearly change, and villa rates fell by one percent.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
