In Abu Dhabi, transaction volumes increased by 22.6 percent.
The first quarter of 2024 saw robust growth in every sector of the UAE property market to start the year. According to Multiplanet Property’s most recent UAE Residential Market Review Q1 2024, Dubai’s overall transaction volumes hit 35,310 in Q1 of 2024—a 20.5 percent yearly increase—setting a new record.
“Over the rest of the year, price growth in both Abu Dhabi and Dubai will be supported by the strong levels of activity and high absorption levels that have reduced available supply,”
Abu Dhabi transaction volumes grow
According to Multiplanet Property’s UAE market review, the number of real estate transactions in Abu Dhabi increased by 22.6 percent to 2,795. The organisation credits a 34.5 percent surge in secondary market sales and an 18.1% increase in off-plan purchases for this gain. The average cost of an apartment in Abu Dhabi and a villa there grew by 2.3 percent and 4.3 percent, respectively, in Q1. Furthermore, the typical rental rates for apartments and villas have gone up by 4.5 percent and 1.1 percent, respectively.
Notably, 46,130 residential rental contracts were signed in Q1 2024 in Abu Dhabi’s rental market, representing an annual fall of 10.9 percent. According to the research, this loss is the result of a 2.4 percent drop in new rental registrations and a 15.5 percent decline in rental contract renewals.