Abu Dhabi’s secondary real estate market is set to thrive as a record number of units are expected to be handed over in the last quarter of this year, according to Metropolitan Capital Real Estate (MCRE).
MCRE expects nearly 4,000 villas and townhouses to be delivered from leading developers in Q4 2024 with Yas Island alone accounting for 40 per cent of all units delivered in Abu Dhabi.
This influx of new units is driving strong demand in the secondary market, which has already surpassed the total sales volume recorded for the entire year 2023, which stood at AED7.59bn ($2.7bn).
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 towards 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 both investors and residents.
“We are witnessing a surge in interest from both domestic and international buyers, drawn by the city’s unique attractions, safety and family-friendly environment”.
According to data from MCRE, the secondary market in Abu Dhabi is currently outperforming the off-plan market. Secondary sales figures in Q3 2024 (AED3.02bn/$822m) exceed those of the previous year (AED2.1bn/$572m).
In 2023, the off-plan market registered AED23.1bn ($6.3bn) in sales, while the secondary market reached AED7.59bn ($2.7bn).
This year (year-to-date), the secondary market has significantly narrowed the gap, reaching AED8bn ($2.2bn) compared to the off-plan market at AED10bn ($2.72bn).
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.
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