Abu Dhabi and Dubai property sales surge in first quarter

Property sales in the UAE capital jump more than three times to $3.15 billion, according to Property Finder

Property sales in Abu Dhabi and Dubai surged in the first quarter of this year compared with the same period a year ago as the UAE’s property market continues to rebound strongly from the coronavirus pandemic.

Abu Dhabi’s total sales transactions value for the three months to the end of March surged more than three times to Dh11.6 billion ($3.15 billion) compared to Dh3.6 billion for the same period last year, real estate listings website Property Finder said in its latest market watch report.

Off-plan sales transactions rose to 1,345 from 713 deals in the first quarter of last year, representing 66.4 per cent of the total transactions.

Masdar City emerged as one of the most searched areas in Abu Dhabi, with the average price for one, two and three-bedroom apartments at Dh745,000, Dh1.1 million and Dh1.8 million, respectively, the report found.

Al Reem Island, Yas Island, Al Raha Beach and Saadiyat Island were also preferred by buyers to own an apartment, according to Property Finder.

Asking prices for apartment as well as villas rose by seven per cent during the quarter amid high demand from buyers.

Yas Island, Saadiyat Island, Al Reef, Al Reem Island and Khalifa City were top picks for affordable luxury villas and town houses among home buyers, the latest data shows.

Rental prices also rose in the capital. Apartment rents were up seven per cent in the first quarter, while villa rents grew by two per cent.

Al Reem Island, Al Raha Beach, Khalifa City, Corniche Road and Al Khalidiya remained the preferred choices for apartment rentals in the quarter. Demand for renting a villa was high in Khalifa City, Mohammed Bin Zayed, Yas Island, Al Reef and Saadiyat Island.