Abu Dhabi’s property market defies challenges of COVID-19 pandemic
- 23 Aug 2021
Inayat-ur-Rahman, Business Editor
The Abu Dhabi’s property market is on a solid growth trajectory and is marching ahead despite the global COVID-19 challenges.
The Q2 2021 UAE Real Estate Report by property management experts Asteco revealed that villa rental and sales rates in Abu Dhabi continued to surge, with sales prices in certain segments expanding by almost a quarter in the period under review.
The report said that developers delivered approximately 2,070 apartments and villas in Q2 2021 in Abu Dhabi, particularly within Yas Island, and several buildings in Al Raha Beach.
The report notes that more than 9,350 residential units are set for handover before the end of the year; however, some projects are likely to experience delays and spill over into 2022.
Apartment rental rates in the capital softened marginally (by 1%) over Q1 2021. Annual declines, however, were more pronounced and averaged 8%. The report noted that mid and high-end properties were the most affected, with some units registering declines of between 10% and 15%.
Meanwhile, a leading UAE real estate developer, has recently announced the launch of their Al Maryah Vista 2 project, which will provide 588 new housing units on Al Maryah Island in Abu Dhabi, with prices starting from Dhs329,000.
Islam Ahmed Suleiman, CEO, Reportage Properties told Gulf Today that the launch of Al Maryah Vista 2 comes after the success of "Al Maryah Vista 1", pointing to the distinguished location of the two projects in the heart of a free zone, which provides an ideal opportunity for living and investment.
Suleiman made clear that the company will soon start construction work on the "Al Maryah Vista 2",which is planned to be completed by the fourth quarter of 2025.
Al Maryah Vista 2 consists of a 29 floor tower that provides 588 apartments, as well as a commercial area, an office area, and covered car park with a capacity of 810 cars. The project will also include a mosque, a swimming pool, a gym, and a children's play area.
About two years ago, Reportage Properties launched "Al Maryah Vista 1", which includes 772 housing units, and extends over a total built-up area of 958,000 square feet, and is scheduled to be handed out during the first half of 2024.
The CEO pointed to the distinguished location of Al Maryah Island in the center of Abu Dhabi city, which houses many important facilities and offices, including the Abu Dhabi International Financial Market, Cleveland Clinic Abu Dhabi Hospital, The Galleria Mall, and many new retail outlets, fine restaurants and distinguished hospitality centers.
Suleiman stressed that Reportage Properties continual launch of new projects despite the challenges imposed by the pandemic's repercussions on the real estate sector, reflects the strength of their financial position, which is evident in the company's achievement of strong sales during this year and past years.