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 the fourth quarter of 2024 with Yas Island alone accounting for 40 per cent 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,” explains Evgeny Ratskevich, CEO of MCRE. “The gap between the secondary and off-plan markets is narrowing significantly, indicating a shift in buyer preferences towards ready-to-move-in properties.”
“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 adds.
According to data from MCRE, the secondary market in Abu Dhabi is currently outperforming the off-plan market. Secondary sales figures for the third quarter of 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 fourth quarter sales for this year expected to nearly double to Dh4 billion compared to the same period in 2023.
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Full service real estate agencies, Metropolitan Capital Real Estate (Abu Dhabi) and Metropolitan Premium Properties (Dubai), are part of the Metropolitan Group in the UAE. In 2022, the group launched Penthouse.ae, the luxury division of Metropolitan Premium Properties. Earlier this year, the group also opened its branch in Ras Al Khaimah. The group also has Metropolitan Consulting, a supporting company that provides personal and business legal services in the UAE.