Abu Dhabi's real estate landscape is poised for a remarkable transformation with the announcement of Aldar Properties' latest development, Nouran Living, on the prestigious Saadiyat Island. This boutique real estate endeavour is set to redefine luxury living, with a handover scheduled for 2027. The announcement comes at a time when Abu Dhabi's property market is witnessing significant growth, particularly in luxury apartments and villas, with prices in sought-after neighbourhoods increasing by up to 13% in 2023, according to new data.
Bayut.com, the UAE's leading property portal, has reported a noticeable uptrend in property prices across Abu Dhabi, benefitting those looking to sell or rent. This trend is especially pronounced in upscale areas known for their high-end amenities. Bayut's Abu Dhabi Annual Sales and Rental Market Report for 2023 offers an in-depth analysis of the market dynamics, revealing Saadiyat Island as a standout with price surges of 8.73% for luxury apartments and an impressive 12.9% for premium villas.
The digital real estate platform DARI highlighted over 14,000 residential property transactions in Abu Dhabi in 2023, valued at over Dh52 billion. Investment returns remain promising, with Al Reef and Al Reem Island providing impressive rental yields for apartments, and Hydra Village and Al Raha Gardens leading in the villa category.
The rental market also mirrors this growth trajectory, with advertised rental prices in luxury areas seeing increases of up to 14%, particularly in island communities. Meanwhile, the demand for high-end villas in Yas Island and Saadiyat Island has led to significant rental price hikes, indicating robust demand.
Haider Ali Khan, CEO of Bayut and Head of Dubizzle Group MENA, reflected on 2023 as a record-breaking year for the UAE's real estate market, with Abu Dhabi playing a crucial role in this achievement. The interest from local and international high-net-worth individuals (HNWIs) in the UAE's real estate market continues unabated, fueled by landmark projects and favourable market conditions that encourage property ownership over renting.
Talk to us today if you are looking to make a move or investment in the UAE
For those looking to explore investment opportunities or seeking to own a piece of this burgeoning luxury market in Abu Dhabi and Dubai, speaking to someone with direct experience and connections in the area is invaluable. Having visited Abu Dhabi and Dubai four times last year, I possess extensive knowledge and connections that can guide you through the complexities of the real estate market in these prime locations. Whether you're interested in the burgeoning opportunities on Saadiyat Island or elsewhere in the UAE, don't hesitate to reach out for expert advice and insights.
