Asteco’s Q3 2024 report highlights continued growth in the UAE’s real estate market driven by key developments in Abu Dhabi and Dubai. The report forecasts further growth, particularly in Abu Dhabi fueled by new developer entries and a robust pipeline of planned projects. Dubai’s market is supported by ongoing infrastructure improvements while the Northern Emirates benefit from rising demand and affordability.

Abu Dhabi Market:

In Q3 2024, approximately 950 residential units were delivered with another 2,560 units set to launch. Strong demand kept rental rates rising with apartments increasing by 1% quarterly and 4% annually while villas saw up to 5% growth in areas like Saadiyat and Khalifa City. Sales prices for apartments and villas continued to rise with prime communities on Saadiyat Island seeing over 25% annual growth. Off-plan developments also saw strong absorption rates.

Dubai Market:

Dubai’s residential market saw a nearly 50% surge in apartment completions with 8,100 new units delivered in Q3 2024. Rent prices rose 3% for apartments and 2% for villas while sales prices also grew. Off-plan demand remained strong driven by favorable payment plans. The office sector experienced significant price hikes with a 5% quarterly and 21% annual increase.

The UAE property market remains resilient with positive trends across all sectors, underpinned by a strong pipeline of projects and continued demand for residential and office space.