Asteco Q3 2022 Real Estate Report: UAE market continues to flourish

Asteco Q3 2022 Real Estate Report: UAE market continues to flourish

Abu Dhabi – The wider economic outlook for the UAE is encouraging, according to the Asteco Q3 2022 Real Estate Report, fuelled by a proactive government with a clear focus on economic progress and sustainability. Business reforms and government initiatives, such as the Golden Visa, a rebound in global travel, increased tourism, and retail activity from the FIFA World Cup in Qatar in Q4 2022 and more general efforts towards transitioning to a digital-driven economy are also sighted as important drivers going forward.

Abu Dhabi Residential and Office Market

In Abu Dhabi, the residential market recorded the delivery of approximately 1,000 apartments in Q3 2022 across Al Raha Beach, Reem Island, Yas Island and Saadiyat Island communities.

While several other projects have been launched in the last four to six months, the third quarter also recorded a number of noteworthy project launches including Al Jubail Island - Ain Al Maha Village comprising approximately 240 villas, and Yas Park Gate, which will bring around 500 residential units to the market once completed.

Despite the fact that apartment rental rates remained more or less unchanged over the last three months, Asteco has recorded marked rental growth for a selection of prime and high-quality developments. In contrast,