Abu Dhabi Luxury Neighbourhood Prices Surge 13% in 2023
Overall, the real estate market in Abu Dhabi has seen a significant increase in sales prices for luxury properties in 2023. According to data from Bayut.com, prices have risen by up to 13% in sought-after neighbourhoods, driven by high demand and upscale amenities.
Affordable apartments in areas like Al Reef and Al Ghadeer remain popular, while luxury apartment seekers are focusing on Al Reem Island, Yas Island, and Saadiyat Island. Saadiyat Island, in particular, has seen price increases of 8.73% for luxury apartments and 12.9% for premium villas.
Additionally, the rental market has also experienced growth, with advertised rental prices increasing in luxury areas by up to 14%. High-end villas on islands like Yas Island and Saadiyat Island have seen significant rental price hikes, driven by strong demand.
Haider Ali Khan, CEO of Bayut, stated that 2023 was a record-breaking year for the UAE real estate market, with Abu Dhabi playing a major role in this success. Factors contributing to this growth include favorable market conditions, as well as increasing interest from investors and property-seekers looking to own homes rather than rent.
Overall, the data from Bayut’s Annual Sales and Rental Market Report for Abu Dhabi provides valuable insights into the current market trends, pricing dynamics, and future forecasts for the real estate sector in the UAE capital.
