Bayut, the UAE's leading property portal, released a detailed analysis of Abu Dhabi's property market for H1 2024. It shows a significant rise in sales prices across both affordable and luxury segments, driven by high demand for quality properties. Al Reef and Al Ghadeer are top picks for budget apartments, while Al Reem Island and Al Raha Beach attract luxury buyers. Yas Island saw luxury house prices increase by 10.3%. Al Ghadeer affordable apartments had a notable 9.5% price rise. Rental prices also surged, in luxury areas like Saadiyat Island and Al Raha Beach, up to 21% growth.
Bayut, a leading property portal in the UAE, has released a report analyzing property sales and rental trends in Abu Dhabi for the first half of 2024. The report shows that asking prices for both affordable and luxury properties have risen, indicating a growing demand for high-quality homes. Al Reef and Al Ghadeer are the top choices for affordable apartments, while Al Reem Island and Al Raha Beach are popular for luxury apartments. For budget-friendly villas, Al Reef and Khalifa City are preferred, and Yas Island and Saadiyat Island remain favorites for luxury villas among high-net-worth individuals and investors.
The data reveals that average price per square foot for luxury villas in popular residential areas increased by up to 10% in the first half of 2024. Yas Island saw a notable 10.3% rise in luxury house prices, while Saadiyat Island's luxury apartments appreciated by 6%. Prices for premium flats in Yas Island and Al Reem Island increased by 2.77% and 2.75%, respectively. Prices in the affordable segment also went up. Apartments in Al Ghadeer saw a significant 9.5% increase, and affordable flats in Al Reef rose by 2.16%.
Budget-friendly villa prices increased by up to 7%, with Hydra Village and Al Reef seeing modest rises of 1.11% and 3.11%. However, villas in Al Ghadeer and Al Samha reported larger increases of 6.10% and 5.57%, respectively. Villas in Khalifa City saw a slight price drop of 1.73%. Affordable apartments in Al Ghadeer offered a high return on investment (ROI) of 8.52%, making them a lucrative option.
Al Reem Island maintained its popularity for luxury apartment purchases, offering a strong rental yield of 6.94%. Hydra Village had the highest ROI of 8.08% for affordable villas, while Yas Island's luxury villas offered an impressive ROI of 6.89%. In the off-plan market, Royal Park and Bloom Living were top choices for budget-friendly apartments, while Yas Bay, City of Lights, and Saadiyat Cultural District attracted luxury buyers. Fay Al Reeman 2 was popular among small-ticket investors for off-plan villas, while Yas Acres and Murjan Al Saadiyat were favored for luxury off-plan villas.
The rental market in Abu Dhabi also showed resilience. Khalifa City and Al Khalidiyah were top choices for affordable apartment rentals, and Mohammed Bin Zayed City (MBZ City) and Khalifa City were popular for renting affordable villas. For luxury rentals, Al Reem Island and Al Raha Beach were preferred for apartments, while Yas Island and Al Raha Gardens led the market for high-end villas. Rental prices for luxury apartments increased by up to 21% in areas like Saadiyat Island and Al Raha Beach, while affordable apartment rentals rose over 7% in areas such as Al Muroor.
Overall, the real estate market in Abu Dhabi performed strongly in the first half of 2024, attracting both local and international investors. The sales sector showed significant growth, and the rental market is expected to continue its upward trend in the coming months.
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