Real Estate Report: Abu Dhabi
Abu Dhabi remains a growing Real Estate market.
A total of 1104 buildings have been completed in the Emirate of Abu Dhabi during Q3 2017, a growth of 3.6 percent from 1066 buildings during corresponding period 2016, in a yet a fresh sign reflecting the significant improvement in the realty sector in the emirate, which is considered among the key economic platforms in the UAE capital.
The number of completed developments during Q3 increased by 16.7 percent against Q2, 2017 during which a total of 913 buildings were completed, according to the Statistics Centre- Abu Dhabi, with industry analysts anticipating more significant growth over the next year after the establishment of a number of housing and infrastructure developments has been approved.
In terms of geographical diversification, up to 595 buildings have been established in Abu Dhabi Region, which accounts for 54 percent of total buildings completed emirate-wide during Q3. Up to 491 buildings were completed in Al Ain City, making up 44.5 percent of total completed buildings in the emirate, while the rest having been completed in Al Dhafra Region.
According to SCAD figures, residential buildings totaled 951, accounting for 87 percent of completed buildings during Q3 in addition to 33 public facilities, 49 industrial buildings, and 43 facilities, classified as residential and commercial buildings together with two agricultural buildings.
The Mohamed bin Zayed City in Abu Dhabi came first in terms of completed buildings, comprising 26.7 percent thereof, followed by Beni Yas (10.9 percent) , Al Shamkha (9.1 percent), Khalifa City (7.4 percent), while the rest of completed units are spread over the remaining areas of the capital.
The rough estimate of cost per square metre reached up to AED2645 for buildings ranging between 300-599 square metre in Abu Dhabi, and up to AED2118 for same sized buildings in Al Ain, and AED1876 in Al Dhafrah, with average building cost per square metre emirate-wide standing at AED2246.