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
The Ultra-Luxury Development Offers Comfort, Privacy, and Personalized Service
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UAE real estate developer, Palace Group, has unveiled its latest ultra-luxury residential project in the heart of Downtown Dubai. Situated on Dubai Gardens Main Road, next to Eden House, this new development promises comfort, privacy, luxury, and personalized service.
The project, designed by John McAslan + Partners, the award-winning architects behind the Nobu Residences, will feature 70 apartments and penthouses. Each residence will boast luxurious interiors, top-of-the-line fixtures, and high-quality fittings, with private balconies offering breathtaking views of Dubai’s skyline, ensuring a unique and personalized living experience.
Residents will have access to an array of upscale amenities focused on providing a luxurious lifestyle. Highlights include a spa, a high-end fitness facility, and a business center. Family-friendly amenities such as a kids’ club and play areas are also available.
Palace Group aims to support a resplendent urban lifestyle by offering a comprehensive array of services to meet the diverse needs of its residents, making it the ultimate sanctuary for executives and families alike. The project’s strategic location provides convenient access to major business hubs, world-class dining, shopping, and entertainment options, facilitating a perfect balance between work and leisure.
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
