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ABU DHABI/WAM
The Abu Dhabi Real Estate Centre (ADREC), launched by the Department of Municipalities and Transport to regulate the real estate sector in the emirate, has unveiled a comprehensive plan aimed at increasing foreign direct investments (FDIs), attracting international investors, and boosting their confidence in the emirate’s real estate market.
The plan seeks to enhance Abu Dhabi’s status as a global investment destination by promoting its diverse real estate opportunities and advanced infrastructure.
Rashed Al Amirah, Acting Director-General of ADREC, told the Emirates News Agency (WAM) that the Abu Dhabi real estate market is witnessing significant growth this year, bolstered by factors such as increased transparency and continued investment inflows from both domestic and international sources.
The total value of real estate transactions is expected to reach AED 87 billion by the end of 2024, he said.
Al Amirah noted that, in the long term, Abu Dhabi is projected to maintain its position as an attractive destination for living and investment, leading to sustained growth in the real estate sector over the coming years.
He added that the sector contributed approximately 16 percent to Abu Dhabi’s GDP by the end of Q1 2024, equivalent to AED 25 billion, underscoring the strategic importance of real estate in supporting the emirate’s non-oil economy.
He expressed optimism about increasing the sector’s contribution to the GDP in the future, driven by ongoing major projects, advanced infrastructure, and the attraction of further investments, contributing to sustainable growth in the sector. “Initiatives such as the rental index and digital transformation are also helping to enhance the sector’s attractiveness and future GDP contribution.”
Al Amirah revealed that real estate investment transactions, including sales and purchases, amounted to around AED 30.7 billion in the first half of this year, reflecting Abu Dhabi’s growing appeal as a global investment hub, adding that these investment inflows are expected to further drive growth in the real estate sector.
Commenting on the launch of the first residential rental index in the emirate, Al Amirah said that the index represents a pivotal step towards enhancing market transparency. “It provides clear data on rental values by area, helping tenants and landlords make informed decisions while also contributing to market stability by offering a clear picture of rental trends.”
He affirmed the Abu Dhabi Real Estate Centre’s commitment to ensuring market stability through a range of strategic initiatives, including the continuous review and updating of real estate regulations to support the sector’s growth and sustainability.
“We are also committed to fostering innovation in the real estate sector by facilitating digital processes and initiatives that streamline procedures and enhance customer satisfaction,” Al Amirah added.