A significant 83% increase in home sales in Abu Dhabi
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The recent British real estate consultancy Savills’ report highlighted a significant 83% increase in home sales in Abu Dhabi, fueled by the arrival of digital nomads and expatriates.
The report mentioned that the capital of the UAE witnessed, in 2023, 11,200 property transactions, which represents a substantial rise from the previous year. This increase in sales of both villas and apartments has been attributed to several government initiatives, a flourishing economy, and the introduction of new residential projects.
Savills notes that Abu Dhabi’s appeal to expats and digital travellers has played a crucial role in this growth, positioning the emirate as the fourth most attractive location for executive travellers, according to the Savills Executive Nomad Index, trailing only behind Dubai, Malaga, and Miami.
The emirate has become a favorite among executive nomads from Northern Europe, thanks to its remote working visa and golden visas aimed at drawing property investors and skilled professionals in creative sectors, financial services, and startups.
The demand surge has prompted the launch of over 8,000 new housing units in the past year, observes Stephen Forbes, Head of Savills Abu Dhabi. He also mentions improvements in market transparency, which have made Abu Dhabi more attractive to a wider array of investors and end-users, including foreign nationals and the Emirati population.
In terms of property types, luxury villas and townhouses were in high demand in 2023, with 4,800 units sold, making up 43% of the year’s total sales. A significant majority of these, 84%, were off-plan purchases, with waterfront properties on Saadiyat Island, Yas Island, and Al Reem Island being particularly sought after.
Apartments, however, constituted the majority of transactions, representing 57% of all sales, with off-plan purchases accounting for 69% of apartment sales.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.
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Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.
Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”
Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.
Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.
With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.
Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
