Abu Dhabi secondary real estate market booms – Khaleej Times
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Metropolitan Capital Real Estate expects Yas Island to account for 40% of all handovers
Published: Tue 29 Oct 2024, 8:36 PM
Abu Dhabi’s secondary market is set to go into overdrive as a record number of units are expected to be handed over in the last quarter of this year, according to Metropolitan Capital Real Estate (MCRE), a leading full-service real estate agency based in the capital.
MCRE expects nearly 4,000 villas and townhouses to be delivered from leading developers in Q4 2024 with Yas Island alone accounting for 40% of all units delivered in Abu Dhabi. This 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 2023, which stood at Dh7.59 billion.
“The Abu Dhabi secondary market is on track to achieve historic highs due to the unprecedented number of units entering the market. The gap between the secondary and off-plan markets is narrowing significantly, indicating a shift in buyer preferences towards ready-to-move-in properties,” said Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate.
“The growth in the secondary market is a testament to Abu Dhabi’s increasing appeal as a desirable location for both investors and residents. We are witnessing a surge in interest from both domestic and international buyers, drawn by the city’s unique attractions, safety and family-friendly environment,” he added.
Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate
According to data from MCRE, the secondary market in Abu Dhabi is currently outperforming the off-plan market. Secondary sales figures in Q3 2024 (Dh3.02 billion) exceed those of the previous year (Dh2.1 billion). In 2023, the off-plan market registered Dh23.1 billion in sales, while the secondary market reached Dh7.59 billion. This year (year-to-date), the secondary market has significantly narrowed the gap, reaching Dh8 billion compared to the off-plan market at Dh10 billion.
MCRE anticipates continued growth in the secondary market, with Q4 2024 sales expected to nearly double to Dh4 billion compared to the same period in 2023.
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