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HomeBusinessLuxury Penthouse Sets New Record as Real Estate Transactions Boom

Luxury Penthouse Sets New Record as Real Estate Transactions Boom

The Abu Dhabi Real Estate Centre (ADREC) reveals a record-breaking total of around AED 87.1 billion in real estate transactions for 2023.

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The Abu Dhabi Real Estate Centre (ADREC) reveals a record-breaking total of around AED 87.1 billion in real estate transactions for 2023.

Byline Amjad Saleh & Muhammad Aamir

Property Developer Aldar announces a landmark sale of Abu Dhabi’s most expensive apartment this month, a three-bed penthouse at Nobu Residences on Saadiyat Island valued at USD 37 million (AED 137 million).

This milestone price point reflects the continually growing appeal of the UAE capital as a sought-after place to live and a mature investment destination. According to Aldar, The desirability of Abu Dhabi is driven by a transparent and business-friendly environment, access to entertainment venues, beachside living on one of 200 natural islands, and incentives like the 10-year Golden Visa program.

Reflecting a strong desire for luxury living, the record sale of the Nobu Residences Abu Dhabi penthouse follows a recently sold four-bed duplex sky villa at the same development for AED 130 million.

Commenting on the sale, Aldar Group CEO Talal Al Dhiyebi says this milestone transaction at Nobu Residences not only sets a new benchmark for residential property in Abu Dhabi but also underscores the maturity of the real estate market.

“Year on year, we are seeing healthy increases in both the volume and value of homes purchased, driven by supportive government policies and initiatives that have increased the attractiveness of Abu Dhabi as a place where people want to live and see real opportunity for investment. We expect this trend to continue as we bring some of the UAE’s most luxurious lifestyle concepts to life on Saadiyat Island and across Abu Dhabi’s prime locations,” says Al Dhiyebi.

According to ADREC Director General Rashed Al Omaira The Abu Dhabi real estate market continues to demonstrate consistent and sustainable growth.

“Abu Dhabi’s real estate sector continues to gain significant momentum with a sustained surge in demand across property types. This new record reflects the resilience and maturity of our real estate market, reaffirming the solid growth of Abu Dhabi as a preferred place in which to live, work, and invest. By steadily expanding new horizons, our mission remains to develop outstanding residential projects that incorporate the unique and diverse cultural ambience of the emirate of Abu Dhabi, concurrently positioning it as an exceptional destination at the heart of the real estate market worldwide for living and investment,” says Al Omaira.

The latest ADREC report, a dedicated affiliate of the Department of Municipalities and Transport (DMT), reveals a record-breaking total of around AED87.1 billion in real estate transactions for 2023.

The value of buying and selling activities surged by 159.5 percent compared to 2022, reaching AED 61 billion. ADREC reported this increase based on 15,653 transactions, representing a 73.7 percent rise from 2022.

The overall buying, selling, and mortgage activities across the sector increased by 12.2 percent compared to 2022. The reported results are based on a total of 22,751 transactions, which rose by 19.5 percent from the previous year’s number of transactions.

ADREC also noted an increase in resident and non-resident individual investors during 2023, which reflects the diversity of Abu Dhabi’s real estate sector. The Emirate saw 9,448 newly registered investors and 1,098 non-resident investors – marking significant increases of 71 percent and 175 percent respectively, compared to 2022. 

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