According to a recent report, the price of commercial real estate in Abu Dhabi is rising due to a consistent influx of investors.
According to Asteco, offices in the capital of the United Arab Emirates experienced notable growth in the second quarter of this year. Grade A units in desirable areas saw rental growth of about 10% over the prior year.
Additionally, rental rates showed “robust” quarterly growth, with increases ranging from 3% to 8%, particularly for new leases.
“The market… saw a steady influx of private and corporate investments, fuelling demand for high-quality office spaces, and leading to significant rental growth,” the real estate consultancy said in the report.
Asteco also mentioned that strong economic fundamentals and government initiatives will likely lead to further growth in Abu Dhabi’s real estate market this year.
Foreign investors have shown interest in Abu Dhabi in recent years, especially billionaires and other high-net-worth individuals (HNWIs).
As stated in December of last year, Nassef Sawiris, the richest man in Egypt, is relocating his family office to the emirate.
According to Henley & Partners in June, the UAE is also anticipated to witness a record net inflow of 6,700 migrant millionaires this year, particularly those from India, the larger Middle East region, Russia, Africa, the United Kingdom, and other parts of Europe.
