Top-end focus for off plan launches in Abu Dhabi
Property prices have increased 22% over the past 18 months
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.