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Abu Dhabi: Metropolitan Capital Real Estate (MCRE), a leading full-service real estate agency, has broken multiple agency records with property sales exceeding AED1.2 billion in the first quarter of 2023.
In the first quarter alone, real estate transactions in Abu Dhabi almost matched the company’s total sales last year, when it recorded sales of Dh1.6 billion. Part of the Metropolitan Group, MCRE recorded sales of more than AED400 million in February and reached an all-time high of AED600 million in March.
The Abu Dhabi real estate market in the first quarter was driven by existing and new developers entering the market, as well as new projects such as Ramhan Island at Eagle Hills and Sea La Vie at Nine Yards, as well as the exclusive sale of Ohana By The Sea was completed by MCRE in less than 30 days.
Buyers are mainly from Europe, including Germany, Italy, France, Switzerland, Austria, UK, CIS and India. Most investors are relocating their families and businesses to the capital to take advantage of Abu Dhabi’s growing reputation as a safe city for families and its forward-looking business policies.
Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, said: “People are investing in Abu Dhabi because the price per square foot is still very competitive compared to other international first-tier cities. In the past, the ultra-luxury segment did not exist, However, we are now seeing products of these qualities being offered in the market. Developers are launching ultra-premium products, attracting a lot of interest from wealthy individuals from all over the world,” he added.
Compared with the last quarter of 2022, MCRE’s off-the-plan sales in the first quarter nearly quadrupled, while resale sales increased by 20%.
MCRE found a 100% increase in sales of luxury properties, driven by the launch of Ramhan Island, Sea La Vie and ongoing projects including Saadiyat Grove and AlJurf.
In the first quarter, apartment and house prices rose 1.5 percent and 2 percent, respectively. Demand in prime villa communities continues to be strong, with some communities seeing growth of almost 3% compared to the fourth quarter of 2022.
Looking ahead to the rest of the year, Mr Ratskevich said: “Although Ramadan is a bit slow, we expect developers to launch several new projects, especially in the ultra-luxury segment, which will have a positive impact on the market. Compared to other segments, Properties valued above AED 20 million, especially villas, will outperform, while luxury apartments are also expected to do well. The affordable and mid-size segments will remain unchanged. Average price per square foot is expected It’s going to be up 5-10%, which is healthy for the market.”
The Metropolitan Group in the UAE includes two full-service real estate agencies: Metropolitan Premium Properties (Dubai) and Metropolitan Capital Real Estate LLC (Abu Dhabi). The group also owns Metropolitan Consulting FZE, a support firm providing personal and commercial legal services in the UAE.
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