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According to market analysts, real estate market activity in Abu Dhabi and Dubai remained high in the first three months of 2022 amid a number of government initiatives, economic growth and improving market sentiment. According to real estate market experts, in the first quarter of 2022, about 3,800 residential units were commissioned in the Abu Dhabi residential and office real estate market, located in various areas of Abu Dhabi, including Al-Raha Beach, Al-Rim Island, Yas Island and Saadiyat Island, as well as several other residential areas.
The construction of numerous residential and mixed-use projects located in Investment Zones is expected to begin in 2022, and the vast majority of Abu Dhabi developers are currently considering the development of new residential and mixed-use projects in various areas of Abu Dhabi as a result of generally positive market sentiment.
Average villa rental rates increased by 2% in the first quarter of 2022, while some new buildings recorded an increase of almost 10%. The average annual increase was 5%.
In Dubai, the apartment sector grew significantly in the first quarter of 2022, when 6,250 residential units were commissioned, compared to less than 4,000 in the previous quarter. However, the villa market has lagged far behind: only 250 housing units were completed and commissioned. The activity of purchase and sale transactions in Sharjah, as well as in Ajman, remained high, especially in relation to the villa market. The prices for the sale of apartments in Sharjah remained more or less unchanged during the last quarter of 2022, and the annual increase averaged 8.0%.
