A record number of apartments are anticipated to be handed over in the final quarter of this year, indicating that Abu Dhabi’s secondary real estate market is poised to flourish, according to Metropolitan Capital Real Estate (MCRE).
According to MCRE, leading developers are anticipated to produce up to 4,000 villas and townhouses in Q4 2024, with Yas Island alone making about 40% of all units available in Abu Dhabi.
This inflow of new units fueled secondary solid market demand, surpassing the overall sales volume in 2023, which was AED7.59 billion ($2.7 billion).
Abu Dhabi real estate secondary sales
Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, said: “The Abu Dhabi secondary market is on track to achieve historic highs due to the unprecedented number of units entering the market. The gap between the secondary and off-plan markets is narrowing significantly, indicating a shift in buyer preferences toward ready-to-move-in properties.
“The growth in the secondary market is a testament to Abu Dhabi’s increasing appeal as a desirable location for investors and residents.
“We are witnessing a surge in interest from domestic and international buyers, drawn by the city’s unique attractions, safety, and family-friendly environment.”
The secondary market in Abu Dhabi is outperforming the off-plan market, citing statistics from MCRE. The Q3 2024 secondary sales results (AED3.02 billion/$822 million) are higher than the AED2.1 billion/$572 million figures from the previous year.
Sales in 2023 totaled AED7.59 billion ($2.7 billion) in the secondary market and AED23.1 billion ($6.3 billion) in the off-plan market.
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Compared to the off-plan market, valued at AED10 billion ($2.72 billion), the secondary market has considerably reduced the difference this year, reaching AED8 billion ($2.2 billion).
MCRE anticipates continued growth in the secondary market, with Q4 2024 sales expected to nearly double to AED4bn ($1.1bn) compared to the same period in 2023.
