Property markets all around the world have felt the impact of the uniquely challenging year which was 2020. While Abu Dhabi has not been a special case, the UAE capital’s property sector has provided its strength and firmness, showing promising signs of recovery in the last half of the year once extensive restrictions lifted from across the country, said a report by UAE portals Bayut & dubizzle.
The government’s economic inducement packages and prompt measures to stop oversupply in the market have played an integral role in intensively the competitiveness of Abu Dhabi’s real estate sector, it provided.
As per the Bayut & dubizzle yearly report for 2020, residential property costs in Abu Dhabi have appeared remarkably flexible, providing a fall of under 10% for properties for sale in most famous neighbourhoods.
Relief programmes provided by the capital’s major developer Aldar Properties have also carried the property sector while capturing property costs have pursued to incentivise buyers and investors.
Moreover, Abu Dhabi’s new public health campaigns and UAE-wide social reforms to improve personal freedom for foreign residents have also advanced confidence within the local and overseas investors, it is provided.
The UAE portals provided prospective buyers and investors fascinated in affordable apartments have sported their focussed on freehold suburbs like Al Reef and Masdar City, whereas those seeing for the rise flats for sale prioritise AI Reem Island.
AI Reef has carried on to take the top position in budget villa sales, whereas Saadiyat Island and Yas Island have continued their appeal between the investors interested in rising villas, it provided.
Budget-conscious tenants looking for apartments have also shown a preference for suburban communities and older central neighbourhoods such as Khalifa City A and Al Khalidiyah. Those interested in upscale apartments have searched for luxurious units in waterfront districts such as Al Reem Island and Corniche Area, it added.
Budget-conscious tenants finding the apartments have also manifested a preference for suburban communities and older central neighbourhoods like Khalifa City A and AI Khalidiyah.
Mohammed Bin Zayed City is persisted to be the top choice for tenants interested in budget rental villas in the year 2020 and AI Bateen has kept its admiration in tenants who are interested in renting expensive villas.
The capital city’s dynamic and firm guidelines and worldwide Covid-19 testing capability have also encouraged residents, foreigners and potential investors of the appeal of the emirate as a safe place to call home.
The UAE capital was amongst the safest cities in the world by Numbeo in the year 2020, which is 376th position up from all other cities around the world, connecting the capital’s popularity with long-term investors and ex-pat families.
Consumer trends on Bayut & dubizzle for the year 2020 have provided that Saadiyat Island has come up as the best choice for luxury villa sales.
The average cost-per-square-foot for villas in Saadiyat Island has fallen down by 6%, as they went from AED 1,437 to AED 1,342 in 2020, providing the area more reachable for cost-sensitive homebuyers.
On another way, the villas in Yas Island noticed the rise in the average cost-per-square-foot by 7.1% from AED 880 to AED 943. These costs showing variation could be allocated to handovers of more luxurious projects in Yas Island, like in Yas Acres.
Al Raha Gardens witnessed its cost-per-square-foot to stand still, averaging at AED 772 in 2020.
In accordance with the mixed data provided by Bayut & dubizzle, the budget-friendly suburb of Al Reef has provided the most interest with buyers and investors anxious on reasonably-priced ready villas for sale in 2020.
The average costs-price-per-square-foot for villas in Al Reef has experienced a small fall of 2.4% in 2020, falling from AED 625 to AED 608.
Suburban communities like Khalifa City A, Mohammed Bin Zayed City and Shakhbout City (Khalifa City B) have also asked potential buyers for favourable price villas in the capital city.
Potential buyers have provided a strong preference for island and waterfront communities when it is said about luxury apartment sales, as per consumer preferences on Bayut & dubizzle.
Al Reem Island has persuaded it to be the most popular choice for upscale apartments in Abu Dhabi. The finished flats in Al Reem Island have experienced a slight cost fall of 5.3%, with cost-per-square-foot averaging at AED 969.
Al Raha Beach, Saadiyat Island and Yas Island have also stayed popular options for HNW buyers and investors, noticing moderate cost fall between 2% to just over 7%, it provided.