The first quarter of 2022 saw over 3,300 transactions worth more than AED 11.3 billion, indicating that Abu Dhabi’s real estate market is off to a good start. Zoom Property Insights says that the second quarter will keep going in the same direction, which will set the stage for a successful 2022.
In 2021, 6,000 residential apartments were completed in Abu Dhabi. However, with roughly 7,000 units projected to be delivered in 2022, the amount will surpass the previous year. Property prices will rise in the second half as a result, although at a slower pace. The demand for luxury residences in island communities like Yas Island and Saadiyat Island will continue to climb in H2.
Due to new mega-developments, Etihad rail expansion, and rising oil prices, Ata Shobeiry, CEO of Zoom Property, expects that the Abu Dhabi property market will perform well in the second half of 2022.
He said, “With the launch of many new developments along with the expansion of Etihad Rail, the emirate aims to capitalize on this upward trend and produce favorable results in the second half of the year. In addition, the higher oil prices will enable the government to diversify its resources. This will benefit many sectors across the emirate, including the real estate market.”
According to current trends, Masdar City, Al Reef, Baniyas, and Al Ghadeer are the most popular places in Abu Dhabi for finding inexpensive flats. Saadiyat Island was the most expensive community for luxury residences, at nearly AED 1,550 per square foot. Yas Island and Al Raha Beach were second and third, respectively, with AED 1,270 and AED 1,220. According to Zoom Property Insights, this trend will continue until the second half of the year.
Buyers are likely to choose villas in Hydra Village, Al Reef, Khalifa City A, Saadiyat Island, Al Raha Gardens, and Yas Island in the second quarter of 2022.
The Abu Dhabi real estate market is expected to grow steadily through 2022 and beyond, after making a strong comeback in the 12 to 18 months before that.
“The real estate market in Abu Dhabi has a promising outlook as international investors, in general, and European buyers, in particular, have shown interest in the emirate’s residential, commercial, and industrial projects, generating huge demand in the sector during the first five months of 2022. This trend is expected to continue in the second half, and we may see more promising sales numbers by year-end,” Shobeiry added.