RIYADH: The Abu Dhabi real estate market attracted 3.28 billion UAE dirhams ($893 million) in foreign direct investments during the first half of 2024, marking a 225 percent increase year on year.
According to the Abu Dhabi Real Estate Center, this influx came from 971 investors across 75 countries, including major markets such as the US, the UK, China, Kazakhstan, and Russia.
This diverse international participation highlights growing global confidence in Abu Dhabi’s property market, according to a press statement.
In the first six months of 2024, the market recorded 12,439 transactions totaling 36.2 billion dirhams. This includes 7,088 sales and purchase transactions valued at 23.7 billion dirhams, and 5,351 mortgage transactions amounting to 12.5 billion dirhams.
The surge in FDIs aligns with ADREC’s strategy to develop Abu Dhabi into a leading global real estate hub, enhancing the emirate’s economic diversification and reducing reliance on oil revenues.
The initiative aims to create a dynamic, sustainable environment that boosts the city’s global standing and delivers exceptional value to investors and residents.
Rashed Al-Omaira, acting director general at ADREC, said: “The strong performance of Abu Dhabi’s real estate sector reflects the strategic initiatives we have implemented to position the emirate as a premier global investment destination.”
He added: “We anticipate that this positive performance will continue into the second half of the year, bolstered by our dedicated efforts to enhance the investment environment. Our commitment to excellence ensures that Abu Dhabi remains a trusted and attractive option for global investors.”
Al-Omaira emphasized that foreign direct investment is crucial to Abu Dhabi’s economic diversification. "Our primary focus is on creating a business-friendly environment characterized by innovation, transparency, and efficiency. We are dedicated to streamlining procedures and utilizing advanced technologies to make Abu Dhabi an optimal destination for investments.”
In March, local real estate data revealed that Abu Dhabi’s property agreements reached 87.1 billion dirhams in 2023, with 38,404 sales and mortgage transactions.
The value of real estate mortgages increased by 19.5 percent from the previous year, totaling 12.2 billion dirhams. Local investor activity surged by 71 percent, while foreign and non-resident investments grew by 175 percent.
This robust performance underscores Abu Dhabi’s growing appeal as a global real estate investment destination.
