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Demand for family-friendly villas in Abu Dhabi jumps
Consumers keen on smaller ticket properties have preferred freehold suburbs such as Masdar City, Al Reef and Al Ghadeer for apartments. — Wam
Dubai - In the first quarter alone, Abu Dhabi recorded real estate transactions worth Dh11.5 billion.
Property prices in Abu Dhabi’s popular neighbourhoods registered a nine per cent jump in the first half of 2021 as demand for affordable and luxury villas steadily surged.
Demand from both homebuyers and tenants have stayed high, resulting in a corresponding increase in prices for family-friendly homes in Abu Dhabi, a joint report by property portals Bayut and dubizzle said.
“Prospective investors and buyers interested in luxury apartments have turned towards waterfront communities such as Al Reem Island and Al Raha Beach, while Saadiyat Island and Yas Island have continued to receive a high level of attention from those keen on buying premium villas in the capital,” said the portals.
Consumers keen on smaller ticket properties have preferred freehold suburbs such as Masdar City, Al Reef and Al Ghadeer for apartments. When it comes to the more affordable villas for sale in Abu Dhabi, Al Reef, Shakhbout City and Hydra Village have been the popular options.
In the rental market, apartments in Abu Dhabi have experienced minor price declines of up to 7.0 per cent in the first half. On the other hand, villa properties have seen an uptick in rental prices between 2.0 per cent and 18 per cent.
In the first quarter alone, Abu Dhabi recorded real estate transactions worth Dh11.5 billion with the value of mortgages exceeding Dh6.5 billion, as per the data released by the Department of Municipality and Transport.
Developer Aldar Properties also reported the rapid sell-out of the newly-launched Noya villas on Yas Island, highlighting the growing appetite for high-quality, family-oriented homes in the emirate.
Haider Ali Khan, the CEO of Bayut & dubizzle, said Abu Dhabi has sent a strong message to the global community with the way it has handled the public health implications of the pandemic, highlighting its appeal as a well-integrated family-friendly city where you can build roots and be secure. “This has also played a part in creating more demand for the residential property market and particularly family friendly villas in Abu Dhabi, both among tenants and prospective homeowners.”
Khan said the proactive containment measures and widespread vaccination drives have also enhanced the attractiveness of Abu Dhabi for investors and buyers. “Coupled with this, the drive towards developing the portfolio of affordable, sustainable communities with high projected rental yields and luxurious island communities with amenities that are at par with most global investment hubs has also resulted in rising demand for properties in Abu Dhabi.”
The report said suburban communities and older neighbourhoods such as Khalifa City A, and Al Khalidiyah have captured the attention of tenants in search of affordable apartments, whereas Mohammed Bin Zayed City has remained the firm favourite with those looking to rent reasonably priced family-friendly villas.
“Al Reem Island and Al Raha Beach have also appealed to tenants in search of luxury flats in Abu Dhabi while Al Bateen and Yas Island have garnered the most interest for luxury villas for rent in H1 2021.”
Al Reem Island has remained the most popular choice for high-end apartments. Sales prices for apartments in Al Reem Island have remained largely steady in H1 2021, with the average price-per-square-foot standing at Dh999.
Saadiyat Island has remained a firm favourite for luxury villa sales. The average price-per-square-foot for villas in Saadiyat Island has seen an uptick in H1 2021, going from Dh1,343 to Dh1,357, reflecting the steady demand for luxury waterfront properties in the capital.
Upscale villas in Yas Island have experienced an 8.7 per cent increase in average sales price-per-square-foot, standing at Dh1,075 in H1 2021. This uptrend has largely been attributed to the handover of certain luxury projects in Yas Island such as Yas Acres.
The price-per-square-foot for houses in Al Raha Gardens has increased by 2.15 per cent, averaging at Dh830 in H1 2021.
The sale price-per-square-foot for villas in Al Reef increased by 5.1 per cent during H1 2021, rising from Dh626 to Dh658 while suburban communities such as Hydra Village, Shakhbout City (Khalifa City B), Mohammed Bin Zayed City and Khalifa City A remained popular for affordable houses in Abu Dhabi, said the report.
— issacjohn@khaleejtimes.com
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