Top-end focus for off plan launches in Abu Dhabi

Property prices have increased 22% over the past 18 months

Luxury homes are attracting investors in Abu Dhabi.
Luxury homes are attracting investors in Abu Dhabi.

Premium property developments in Abu Dhabi are drawing in buyers investing in off-plan launches, according to real estate advisor CBRE.

In Q3, the Tourism Development & Investment Company (TDIC) launched 461 super-premium homes in Saadiyat Island’s Cultural District, soon to be home of the Louvre Abu Dhabi and Guggenheim museums.

Property is set to sell at around $5,800psm - the market average is $4,280psm. 

The price is remarkably higher than average sales values in the key investment locations of the city, where prices are between $3,700 to $4,800psm.

Penthouses at the Gate Towers on Shams Abu Dhabi (Reem Island), which are between 430-614sqm sold for around $4,680.

However, sales were up just 3% in the last quarter.

“While the third-quarter produced a relatively subdued performance, improvements in both sale and lease rates are likely to continue, albeit at a steadier pace than was evident during the first-half of the year,” said Mat Green, head of research and consultancy at CBRE.

CBRE says average residential property prices at key investment areas rose 22% over the last six quarters.

 

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