Abu Dhabi Real Estate: Record $493M Foreign Investment in Q1

Boston Brand Media brings you the latest in the real estate sector - Abu Dhabi sees a record $493 million in foreign investment in the first quarter. This surge underscores the emirate's attractiveness to international investors despite global economic uncertainties. The influx of funds signals confidence in Abu Dhabi's market stability and growth potential, bolstering its position as a prime investment destination.

‍Abu Dhabi's real estate sector has experienced a surge in foreign direct investment (FDI), reaching a record Dh1.81 billion ($493 million) in the first quarter of 2024. This increase reflects a growing demand for property in the UAE capital.

Boston Brand Media looked into the data from the Abu Dhabi Real Estate Centre indicates that 487  investors, originating from countries such as India, Russia, Canada, the UK, Jordan, and China, have significantly boosted their investments compared to the previous year's period. This trend underscores the sector's increasing appeal to international investors.

Rashed Al Omaira, the acting director general of Adrec, highlighted the robust growth of the sector, expressing optimism for the remainder of 2024. He emphasized Adrec's commitment to providing seamless services and support to stakeholders involved in Abu Dhabi’s globally competitive real estate market.

During the first quarter, Abu Dhabi's real estate sector witnessed transactions amounting to Dh19.4 billion across 6,070 deals. Sales and purchases contributed Dh12.8 billion, representing 66% of the total volume, with 3,724 transactions. Mortgage transactions accounted for Dh6.6 billion from 2,328 deals.

Adrec, launched by the Department of Municipalities and Transport in November, aims to drive growth within Abu Dhabi's real estate ecosystem. Through a unified regulatory framework, Adrec seeks to enhance efficiency, promote transparency, and offer support to residents, investors, and real estate companies in the UAE capital.

The UAE's property and construction market is witnessing expansion, propelled by initiatives aimed at economic diversification and increased infrastructure investment to attract foreign direct investment. According to a report by Mordor Intelligence, the country's construction market is expected to grow from $41 billion in 2024 to over $50.4 billion by 2029.

The ValuStrat Price Index, which monitors property value changes, indicated a 4.2% annual increase for Abu Dhabi in 2023. The emirate observed 2,238 off-plan sales transactions last year, constituting 75.1% of total sales and reflecting a 39.4% surge compared to the same period in 2022.

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Source: TheNationalnews