By Staff writer
Chestertons delivers upbeat verdict on UAE capital's property sector after $2.17bn luxury sales last year
Abu Dhabi's real estate market will remain buoyant throughout 2015 on the back of rising demand for luxury properties in the UAE capital, Chestertons has said.
The property agency said luxury homes accounted for more than a quarter (27 percent) of total sales transactions amounting to AED8 billion ($2.17 billion) in 2014, adding that the trend is likely to continue.
"There are over 200,000 residential units in Abu Dhabi and nearly 5,000 are expected to be delivered in 2015. There are several locations in Abu Dhabi but places like Al Raha Beach in particular with the upcoming world class infrastructure facilities will surely be part of an investor's checklist," said Simon Gray, managing director, Chestertons MENA.
"Furnished apartments are popular and demand is high currently in the residential market. Prices, however, are stabilising with villa prices remaining the same during the last quarter," he said in a statement.
His comments come as Chestertons announced plans to expand its services in Abu Dhabi to tap into the growing demand.
"There has been a substantial investor interest for luxury properties in the UAE especially Dubai and Abu Dhabi. Over the last few years Abu Dhabi has always featured among the top investment destinations with regard to luxury properties," said Robin Teh, country manager, Chestertons MENA.
"Investors are keen on parking their funds with reputed developers who have completed their projects or are on the verge of completion. There is also a tremendous amount of interest in off-plan luxury properties.
"The luxury segment is always in demand in the UAE due to the high-level of affluence in the region. Abu Dhabi has now become a popular investment destination with this category of investors due to lifestyle choices it offers today. Luxury segment is very popular with cash buyers, who have invested significantly in these projects particularly off-plan properties."
Gray added: "We are gearing up to tap into this growth market as many people choose to make Abu Dhabi their home. We decided to expand in the capital to address this growing demand for quality properties.
Chesterton MENA's international sales division is based in Dubai, specialising in the sale of prime Central London residential apartments and houses to investors from across the entire MENA region.