MCRE achieves record Q3 result of over $136mn in sales in Abu Dhabi property market
The firm says Abu Dhabi is increasingly attracting international buyers thanks to its safe and competitive characteristics
Metropolitan Capital Real Estate (MCRE) said it registered over $136mn in sales for Q3 2022 in the Abu Dhabi property market, making it the most successful third quarter in the company’s history. The firm said the result was a 200% increase from 2021 with record months in August and September.
According to MCRE, it recorded $40.8mn in sales in August, which represented 180% growth compared to August 2021. The firm said that result was followed up by a record month for September, when the company broke its monthly sales record registering over $68mn in sales – 200% growth for the month year-on-year.
The Abu Dhabi real estate market has been historically driven by residents with up to 80% of real estate purchases made by Emiratis or residents. However, Abu Dhabi’s growing attractiveness as a safe city for families and a competitive city for business and investment has helped its appeal with international buyers, the firm pointed out.
In September 2022, the Abu Dhabi DoE revealed new policies to accelerate the UAE’s move towards Net Zero and, later in the month, Abu Dhabi’s Al Qana announced the opening of the UAE’s largest cinema complex.
“The Abu Dhabi real estate market has seen phenomenal growth and has become a really attractive opportunity for investors and residents this past year. The summer is usually pretty quiet, however this year the Abu Dhabi market saw significant activity with UAE nationals and residents accounting for most of our transactions in Q3. Off plan transactions have always been the most popular, however the secondary market has recently taken off, which prompted us to expanded the size of our dedicated secondary market team to accommodate demand. The most popular locations for sales remain Yas Island, Al Saadiyat Island, Al Reem Island, Khalifa City, Al Raha Beach which account for 80% of our sales,” said Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate.
In June, MCRE saw a significant increase in business from international clients, with 70% of its transactions coming from international customers. Investors showing the most interest in Abu Dhabi real estate were business owners and senior executives from the CIS region and western European countries such as Germany, France, Italy, Austria and Switzerland, it explained.
During the first four months of the year, MCRE said it also saw a 50% increase in international buyers vs. 2021, with nearly 90% of the buyers choosing to relocate to the city with their families.
In October 2022, the Metropolitan Group was recognised as the best place for women to work in the GCC and, later in the month, the Abu Dhabi’s Department of Municipalities and Transport unveiled the Abu Dhabi Digital Twin project.
