Asteco’s Q3 2024 report highlights a strong real estate market across the UAE, with steady growth in Abu Dhabi, Dubai, and the Northern Emirates.
In Abu Dhabi, new developers are driving growth. About 950 new homes were finished in areas like Yas Island and Al Raha Beach. An additional 2,560 units were announced. Rent for apartments and villas increased by up to 4% over the year. Sales of homes remained strong, with villa prices going up by 4% and prime areas like Saadiyat Island showing over 25% growth in the last year.
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In Dubai, the property market added 8,100 new apartments. By the end of the year, another 14,900 homes are expected. Apartment rents went up by 3%, and villa rents rose by 2%. Sales prices for both increased, and there was high demand for off-plan homes with flexible payment options. The office space market also saw growth, with rents rising 21% over the year.
In the Northern Emirates, people moved from Dubai because homes are more affordable and bigger. Rents increased but stayed lower than in Dubai. In Al Ain, rents rose for homes and offices, showing strong demand.
This report shows that the UAE real estate market is growing steadily, with new projects, higher rents, and rising sales prices across the region.
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