Abu Dhabi – once a fishing village, now the capital of the United Arab Emirates (UAE), located on an island in the Persian Gulf. As the capital and the largest city of the UAE, Abu Dhabi has grown to become a thriving, cosmopolitan city that has emerged as a global hub for business, tourism, and culture in the Middle East region.
A new wealth hub has become increasingly popular with billionaires to safeguard their assets – the skyscraper-studded emirate of Abu Dhabi. Between 2013-2023, Abu Dhabi witnessed significant private wealth growth of around 75%. This month, we will be featuring this rising cosmopolitan city that affluent individuals would call home.
In recent years, the real estate market in Abu Dhabi has been an important driver of the emirate’s economy. In 2023, a total of 11,200 units were sold across the city, growing by 83% y-o-y. With population growth, rising incomes, and an influx of expatriate workers in Abu Dhabi, the residential market has seen steady demand. A total of 4,800 (43% of the total units sold) villa and townhouse units were transacted in 2023. High-end apartments, villas, and townhouses on man-made islands like Saadiyat Island, Yas Island, and Al Reem Island have been particularly popular. 51% of the total villas/ townhouses sold in 2023 were in these three locations.
The Abu Dhabi real estate market has matured significantly and remains an attractive destination for both domestic and international investors. The capital value of apartments continued to rise, increasing by an average of 6% year on year (average capital value at 14,800 AED/sqm). Driven by factors like the 2030 Economic Vision and the emirate’s diversification efforts, the real estate market is expected to continue growing.
Many might still have the misconception that Abu Dhabi is a desert city. Despite being situated in the desert, Abu Dhabi has numerous lush green spaces, encompassing a dynamic blend of culture, heritage, and modernity, making it a captivating destination for visitors. In the first quarter of 2024, 5.18 million foreign tourists visited the UAE.
Abu Dhabi is home to a variety of world-class tourist attractions, and here are some must-visits. Sheikh Zayed Grand Mosque is one of the largest and most impressive iconic mosques in the world; Saadiyat Island, is a man-made island featuring Louvre Abu Dhabi as well as Saadiyat beach. Visit Yas Island, home to the Yas Marina Circuit which hosts the Formula 1 Abu Dhabi Grand Prix. Yas Island also features attractions like Ferrari World – the world’s largest indoor theme park, Yas Waterworld, and Yas Links golf course. If you are interested in dune bashing, sandboarding, camel riding, and camping under the stars, Abu Dhabi’s desert safari adventures would be your cup of tea!
With so much to see and do in the gorgeous city of Abu Dhabi, it is worth exploring its incredible architectural wonders, with many of the city’s stunning futuristic buildings. Abu Dhabi’s architecture and urban planning have evolved to not only aesthetically represent the emirate’s modernization. From the building designs to the building materials, everything has been calculated to make the city livable and comfortable for residents.
Abu Dhabi- a city that seamlessly blends the old with the new, a city of breathtaking skyscrapers and state- of-the-art infrastructure that remains firmly rooted in its rich cultural heritage and traditions.
To know more about purchasing properties in Abu Dhabi, please contact Savills.
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