The property market in Abu Dhabi showed strong growth in the third quarter of 2022, reaching a total of $5.7 billion (Dh21.04 billion) across 4,441 property transactions. This was comprised of nearly 2,500 mortgage transactions at Dh15.64 billion and close to 2,000 sales at Dh5.39 billion. This represents significant growth from the third quarter of 2021, when Dh16.2 billion in property transactions was recorded.

Ryan Mahoney of Dubai, UAE, has many years of experience working within the property sector of the United Arab Emirates and has founded several start-ups within the property market. The PDF attachment looks at some of the top reasons for buying property in Abu Dhabi.

Most Popular Districts

The most popular district for property purchases in Abu Dhabi in the third quarter of 2022 was Yas Island, which recorded Dh1 billion between July and September. Saadiyat Island was close behind, with recorded transactions reaching Dh929 million for the same period.

Other popular areas included Al Shamkha (Dh641 million), Reem Island (Dh541 million), Khalifa City (Dh208 million) and Mohamed bin Zayed City (Dh182 million). You can view some of the most expensive residential properties in Abu Dhabi in the infographic attachment to this post.

Expansion of the UAE Economy

As the world begins to bounce back from the financial effects of the global pandemic, the economy of the UAE is showing signs of a strong recovery. Already the second-largest economy in the Arab world, the UAE picked up the pace in 2022. This growth was buoyed by the property market as well as improvements in the non-oil business sector.

Reem Hills Development Sells Out

Phase two of a $2.1 billion property development on Reem Island, Reem Hills, has reportedly sold out, with every single one of the luxury properties sold by the start of September 2022. The development came about in response to strong demand for property in the area. Sitting on a man-made hill, the development consists of four communities – Canal Side, Canal Promenade, Reem Avenue and Sunset Valley – and includes both four-bedroom twin villas and three-bedroom townhouses.

The embedded short video looks at another of Abu Dhabi’s most sought-after property developments on Jubail Island.