Abu Dhabi’s real estate sector witnessed exceptional growth during the first half of 2024 with the number of residential rental contracts rising to 49,135. This marks an increase of 24,811 contracts compared to the same period in 2023, reflecting a 102 percent year-on-year growth.
The latest data from the Statistics Center—Abu Dhabi reveals that Abu Dhabi alone accounted for 43,985 of these residential rental contracts, a 104.9 percent annual increase from the 21,465 contracts recorded in H1 2023. Al Ain City also saw substantial growth, with a 77 percent rise in rental contracts, reaching 4,819 contracts in 2024 compared to 2,715 contracts in 2023. Meanwhile, the Al Dhafra region reported 331 contracts in H1 2024, up from 144 contracts in the same period last year.
June witnessed the second-largest annual growth in documented contracts, following March’s peak increase of 2.9 percent.
Large-scale projects propel sector’s growth
The real estate sector’s expansion was not limited to Abu Dhabi in H1 of 2024. Thus, major real estate companies in the country have launched a significant number of large-scale projects since the beginning of this year, providing a diverse range of investment options that offer strong opportunities for investors and those aspiring to live and work in the UAE.
Real estate projects launched in 2024 include several residential and commercial complexes and towers, as well as office spaces to keep up with the increase in the number of companies and projects.
Dubai’s residential landscape thrives
Dubai took the largest share of new real estate projects, with over 12 new projects launched by companies, such as Emaar, Deyaar, and Dubai Investments, in addition to the expansion of the Dubai Mall.
Residential properties in Dubai witnessed growth with the completion of about 6,600 new units in the first half of the year. This brings the total number of units to 736,000. Additionally, around 20,000 residential units are due in H2 2024.
Data from the Dubai Land Department reveals that the real estate sector in the emirate attracted around 50,000 new investors during H1 of 2024. In addition, it achieved strong results with the total value of real estate transactions reaching AED346 billion, a growth of 23 percent year-on-year, with around 100,520 transactions.
Sharjah launches seven new real estate projects
Sharjah launched seven new real estate projects in H1 across a total area of 16.2 million square meters. Two of these projects are licensed for sale to non-citizens and Gulf nationals: the Anantara Sharjah Residences in Al Rifaah, and the Faradis Tower in the Al Mamzar area.
The emirate succeeded in strengthening its position as one of the key real estate destinations in H1 of 2024. It recorded property transactions worth AED18.2 billion in the first half, an annual growth of 35.6 percent, according to the Sharjah Real Estate Registration Department.
Additionally, Ras Al Khaimah saw the launch of four new real estate projects during the same period.
