Moving into the four remaining months of the year, August witnessed a continuation of the growth pattern in the Abu Dhabi real estate market. This article covers the main developments in sales, rentals, and top-performing projects during the month

Total Sales and Transactions

In August 2023, the Abu Dhabi real estate market saw 1,595 sales transactions, with a 96.9% YoY and 42% MoM overall growth. The number of ready sales was last recorded at 340, increasing by 38.2% YoY and decreasing by 5.8% compared to last month. Similarly, off-plan sales were last recorded at 1,255, rising by 122% year-on-year and 64.5% MoM.

The total value of transactions stood at approximately AED 5.7 billion, leaping by 171% YoY and increasing by 29.1% MoM. The ready sales value was AED 692 million, increasing slightly by 3.9% YoY but decreasing by 32.3% MoM. Likewise, off-plan sales reached nearly AED 5 billion, a massive increase of 248.7% and 47.7% MoM.

Most Transacted Areas and Top Developers

The areas that witnessed the most transactions included Al Saadiyat Island, with more than AED 1.6 Bn from 221 deals; Rahman Island, with AED 1.4 Bn from 145 transactions; and Zayed City, with AED 506 Mn from 248 transactions.

As for the top-performing developers in August, they were Aldar Properties with 628 sales, followed by Bloom District Properties with 244, and Reem Hills and Rahman Development having 193 and 145 sales transactions, respectively.

Residential and Sales and Transactions

The total number of residential sales for August was recorded at 1,019, up 37.7% YoY and 25.8% MoM. Ready sales totaled 252, increasing by 40.8% year-on-year and remaining relatively steady compared to last month. Off-plan sales amounted to 767 transactions, up 36.7% YoY and 37.9% MoM.

The total value of transactions in August totaled AED 3.1 Bn, jumping 77.5% year-on-year and 22.3% up month-on-month. The value of ready sales reached AED 488 million, up 18% YoY and falling 15.7% MoM. Off-plan sales reached a total value of AED 2.6 billion, rising 96.1% YoY and 33.6% compared to last month.

Most Expensive Properties

The most expensive ready apartment was a 3-bed unit in Mamsha Al Saadiyat, sold at AED 12.5 million. The most expensive ready villa was sold at AED 26.5 Mn, a 5-bed mansion in Hidd Al Saadiyat. The priciest off-plan apartment was a 5-bed unit in The Louvre Abu Dhabi Residences sold at AED 60 million. Likewise, the most expensive off-plan villa was an AED 13.1 million unit sold in Jubail Island Phase 2.

August witnessed a total of 7,206 new lease contracts and approx. 10,332 renewals reached an average rental value of AED 60,000, similar to the previous month. The majority of lease payment terms were between 1-cheque (31.96%) and 4-cheque (36.34%).

In summary, August 2023 continued the impressive growth trend in Abu Dhabi’s real estate market. With a substantial increase in sales transactions and total transaction value, key areas and developers played a pivotal role. The residential sector also thrived, while the rental market remained stable. As we enter the final months of 2023, the Abu Dhabi real estate market appears primed for further growth and development.