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Real estate valuations in Abu Dhabi, Ajman on the rise

Market Trends
  • Real estate valuations in Abu Dhabi and Ajman are experiencing an upward trend, indicating a positive shift in the property market dynamics in these emirates.

Abu Dhabi’s real estate sector is on the up, supported by government incentives and quality real estate projects.

News reported by WAM earlier this week revealed real estate transactions in the Emirate of Abu Dhabi totalling Dh15.9 billion in the first quarter of 2024, as per figures released by DARI, affiliated with the Department of Municipalities and Transport (DMT) in Abu Dhabi. This comprised 5,127 sales and mortgage transactions on various types of real estate units. Data from the DARI platform of DMT in Abu Dhabi also showed that the emirate logged 2,919 sales and purchases transactions in Q1 2024, totalling over Dh9.6 billion. This included 1,167 ready-made real estate units and 1,752 off-plan units. Data also revealed that Abu Dhabi recorded about 2,208 mortgage deals during Q1, with a total value of Dh6.3 billion.

All the activity in the sector has solidified the Emirate’s position as an attractive environment for local and foreign investors, lending confidence to private players in the space. For instance Bloom Holding, a leading UAE real estate developer, recently announced Casares, the third phase of its Bloom Living community in Abu Dhabi. Offering two- and three-bedroom townhouses, Casares is scheduled for completion in the first quarter of 2026. The announcement follows the recent launch of the fifth phase of Bloom Living, Seville, earlier this year.

For a premium lifestyle

Carlos Wakim edited 2 2048x1536 FOR WEB 18eaed1af37 author
Carlos Wakim

Carlos Wakim, CEO, Bloom Holding, says, “As we continue our dedication to meet the growing need for premium community living destinations, the progress of the first two phases of Bloom Living and the start of construction at Casares are a physical representation of the steadfast development of this fully integrated community and our commitment to deliver on schedule.”

The top three real estate transactions also logged in Abu Dhabi during the past week, with Al Saadiyat Island and Yas Island topping the list of the largest transactions for Aldar Properties projects. The total value of transactions on Yas Island amounted to Dh23.5 million, while the one on Al Saadiyat Island totalled Dh14.3 million.

Aldar’s landmark sale of Abu Dhabi’s most expensive apartment, a three-bed penthouse at Nobu Residences on Saadiyat Island, valued at Dh137 million made headlines, with the sell representing the highest price per square metre achieved in the emirate, at more than Dh96,000 per sqm.

Talal Al Dhiyebi Aldar GN ARCHIVES FOR WEB 18eaed2cb59 author
Talal Al Dhiyebi

Talal Al Dhiyebi, Group CEO, Aldar, says, “This milestone transaction at Nobu Residences not only sets a new benchmark for residential property in Abu Dhabi but also underscores the maturity of the real estate market. Year on year, we are seeing healthy increases in both the volume and value of homes purchased, driven by supportive government policies and initiatives that have increased the attractiveness of Abu Dhabi as a place where people want to live and see real opportunity for investment.”

This ring of positivity is not restricted to the capital alone, with other Emirates showing positive growth.

Ajman real estate booms

Speaking to the media earlier last month, Eng. Omar Bin Omair Al Muhairi, Director-General of Ajman’s Department of Land and Real Estate Regulation, said that in February, up to 129 real estate valuation transactions in Ajman were valued at around Dh718 million. Highlighting ongoing momentum in Ajman real estate, Al Muhairi cited remarkable performance and rising demand across all regions and property categories.

Omar Bin Omair Al Muhair Ajman Real Estate Regulation FOR WEB 18eaed400bb author
Eng. Omar Bin Omair Al Muhairi

He also underscored a notable surge in commercial property value, marking a 44.7 per cent rise compared to January, with commercial assets leading in total valuation at Dh568.4 million, while residential properties followed at Dh101.4 million, and industrial assets at Dh45.35 million.

Al Muhairi added that the valuation of golden residency properties for investors surged by 115 per cent from January, totalling 102 transactions valued at Dh341 million. This highlights the rapid growth and extensive interest in real estate investments resulting from the emirate’s competitive advantages.

Source
https://gulfnews.com/

Gulf Estate Gazette

Gulf Estate Gazette is a leading source for comprehensive insights into the dynamic real estate landscape of the GCC and MENA region. Our platform is dedicated to providing valuable information and perspectives for individuals, investors, and industry professionals. With a passionate team and an unwavering commitment to excellence, we aim to empower our audience with the knowledge and opportunities needed to thrive in the ever-evolving world of real estate in the Gulf and beyond.

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