Yas Island to Dominate Handovers with 40% of New Units:
Abu Dhabi’s real estate secondary market is experiencing remarkable growth, with nearly 4,000 villas and townhouses set for delivery in the final quarter of 2024. Metropolitan Capital Real Estate (MCRE), a leading real estate agency in the capital, highlights this as a record-breaking year for the market.
According to MCRE, Yas Island will account for 40% of these handovers, showcasing its popularity among developers and buyers alike. This surge in new units has already pushed secondary market transactions past the total sales volume for 2023, which was Dh7.59 billion.
Historic Growth in Secondary Market Sales:
“The secondary market in Abu Dhabi is reaching unprecedented heights with the influx of ready-to-move-in properties,” said Evgeny Ratskevich, CEO of MCRE. “We’re seeing a clear shift as buyers increasingly prefer completed properties over off-plan developments.”
Ratskevich added, “Abu Dhabi’s growing appeal as a safe, family-friendly destination with unique attractions is drawing significant interest from both local and international investors.”
Data Highlights the Shift in Buyer Preferences:
MCRE reports that secondary market sales outperformed the off-plan market in Q3 2024, reaching Dh3.02 billion compared to Dh2.1 billion in the same period last year. In 2023, the off-plan market recorded Dh23.1 billion in sales, while the secondary market reached Dh7.59 billion. This year, the secondary market has already hit Dh8 billion, narrowing the gap with off-plan sales, which stand at Dh10 billion.
Looking ahead, MCRE expects Q4 2024 secondary market sales to nearly double compared to the same period in 2023, reaching Dh4 billion.
About the Metropolitan Group:
Metropolitan Capital Real Estate, based in Abu Dhabi, and Metropolitan Premium Properties in Dubai are part of the Metropolitan Group. The group also includes Penthouse.ae, a luxury real estate division launched in 2022, and Metropolitan Consulting, which offers personal and business legal services. This year, the group expanded its reach by opening a branch in Ras Al Khaimah.
