Abu Dhabi’s secondary real estate market is poised for a significant surge as a record number of units are anticipated to be handed over in the final quarter of this year, according to Metropolitan Capital Real Estate (MCRE), a prominent full-service real estate agency headquartered in the capital. MCRE forecasts the delivery of nearly 4,000 villas and townhouses from major developers in Q4 2024, with Yas Island alone contributing to 40% of all units delivered in Abu Dhabi. This substantial influx of new units is fueling robust demand in the secondary market, which has already exceeded the total sales volume recorded for the entire year 2023, amounting to Dh7.59 billion.
“The Abu Dhabi secondary market is poised to reach historic highs due to the extraordinary number of units entering the market. The disparity between the secondary and off-plan markets is diminishing rapidly, signaling a shift in buyer inclinations towards properties that are ready for immediate occupancy,” stated Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate.
“The escalation in the secondary market is a reflection of Abu Dhabi’s growing allure as a preferred destination for both investors and residents. We are observing a notable increase in interest from both local and international buyers, attracted by the city’s distinctive attributes, safety, and family-oriented environment,” he added.
MCRE’s data reveals that the secondary market in Abu Dhabi is currently outpacing the off-plan market. Secondary sales figures in Q3 2024 (Dh3.02 billion) surpass those of the previous year (Dh2.1 billion). In 2023, the off-plan market recorded Dh23.1 billion in sales, while the secondary market achieved Dh7.59 billion. This year, year-to-date, the secondary market has markedly narrowed the gap, reaching Dh8 billion compared to the off-plan market’s Dh10 billion. MCRE predicts sustained growth in the secondary market, with Q4 2024 sales expected to nearly double to Dh4 billion compared to the same period in 2023.
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