Foreign direct investment into Abu Dhabi’s real estate market reached AED1.81 billion ($495 million) in the first quarter of 2024, official data shows.
The investment was made by 487 individuals, primarily from India, Russia, Canada, the UK, Jordan and China, the UAE state-run Wam news agency reported, quoting Abu Dhabi Real Estate Centre, the real estate market regulator.
“The performance of Abu Dhabi’s real estate market in the first three months of the year underscores the sector’s increasing appeal to international investors,” said Rashed Al Omaira, acting director general at Abu Dhabi Real Estate Centre.
The growth shows encouraging signs for the remainder of 2024, he said.
Overall, real estate transactions reached AED19.4 billion in Q1 2024, through 6,070 transactions. Sales and purchases made up nearly AED13 billion of that, representing 66 percent of the total volume.
In February, Savills Middle East said property sales in Abu Dhabi’s residential sector rose 83 percent year on year in 2023 as new launches enticed buyers to the off-plan market.
More than 8,000 units were introduced to meet growing demand in the UAE capital, with under-construction properties accounting for three quarters of the 11,200 transactions last year, the report said.
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The emirate has benefited from a string of international hedge funds choosing to open operations in the Abu Dhabi Global Market, including Brevan Howard from Jersey, Ray Dalio, founder of Bridgewater Associates, one of the world’s largest hedge funds, Blackstone and OneIM.
“The market benefitted from a growth in investments from foreign nationals and sustained demand levels from the Emirati population,” Savills said.
