2023-05-11-莱坊-Abu_Dhabi_Residential_Market_Review_Spring_2023_8页_3mb

报告摘要

Abu Dhabi Residential Market Review - Spring 2023

Core Content Summary

Abu Dhabi's residential market in Q1 2023 showed a mix of growth and moderation across different property types and submarkets. The market is characterized by limited new supply, continued demand for home upgrades, and a shift in buyer preferences towards more affordable villa locations.

Key Trends

Yas Island emerged as the most active submarket in 2022, with AED 4.2 billion in transactions.
Al Reem Island and Saadiyat Island followed closely, recording AED 3.4 billion and AED 3.1 billion in transactions, respectively.
Overall residential values in Abu Dhabi increased by 8.5% in 2022, with the number of deals rising by over 27%.
Freehold villa prices rose by 1.2% in Q1 2023, but remain 26.2% below the 2014 peak.
Villa values showed signs of moderation after a six-month rise, with Al Reef Villas leading the growth at 0.5%.
Saadiyat Island experienced a price correction of -12.1% in Q1 2023, lowering its average price to AED 1,350 psf.
Apartment prices increased by 0.5% to just under AED 1,030 psf, with an annual change of 1.2%.
Al Raha Beach remains the most expensive submarket for apartments, with prices at AED 1,230 psf.
Apartment values are still 27.9% below the 2014 peak, while villas are about 20% cheaper than they were eight years ago.

Market Dynamics

Home upgrades continue to drive demand, with villa prices 7% higher than at the start of the pandemic.
Apartment prices increased by 1.7% since January 2020, but are still 2.1% below pre-pandemic levels.
Villa rents are on the rise, with nearly all price points increasing over the last 12 months.
Saadiyat Island and Al Raha Beach saw the strongest rent growth, with increases of 33.8% and 22.5%, respectively.
Villa lease rates have recovered to pre-COVID levels, now standing 3.6% above January 2020 levels.

Supply Outlook

Total residential supply expected from 2023 to 2025 is approximately 29,000 homes, with 58% being villas.
Yas Island leads in new supply with 3,600 apartment units, followed by Al Maryah Island (2,800 units) and Saadiyat Island (2,500 units).
Villa supply is concentrated in four key submarkets: Khalifa City (4,700 units), Yas Island (2,800 units), Baniyas North (2,800 units), and Al Reeman development in Al Shamkhah (2,200 units).
New project launches are increasing, with 15 new residential projects launched in Q1 2023, predominantly villas.
Notable villa launches include Ramhan Island (1,800 units), Saadiyat Lagoons District phase 1 (820 units), Bloom Living: Toledo (520 units), Dahlias villas (120 units), and Al Dhabi (132 units).
Apartment-only launches include Yas Golf Collection (1,062 units), Bay Residence (232 units), and The Source at Saadiyat Grove (204 units).

Conclusion

The Abu Dhabi residential market is showing resilience, with a focus on affordable villa options and continued demand for home upgrades. While prices and rents have stabilized or increased, the market still lags behind the 2014 peak. Limited supply and new project launches are expected to shape the market dynamics in the coming years.

Main Points

Yas Island is the most active submarket in terms of transaction value.
Villa prices have increased by 1.2% in Q1 2023, with Al Reef Villas performing well.
Apartment prices have also seen a modest rise, but remain below pre-pandemic levels.
Villa rents are rising, with Saadiyat Island and Al Raha Beach showing strong growth.
New supply is expected to increase, with most units being villas.
Limited construction is contributing to price stability, but new launches are gaining momentum.

Key Information

Total residential transactions in 2022: AED 4.2 billion on Yas Island, AED 3.4 billion on Al Reem Island, and AED 3.1 billion on Saadiyat Island.
Overall transaction value increase in 2022: 8.5%.
Number of deals increase in 2022: Over 27%.
Freehold villa prices in Q1 2023: AED 964 psf, with a 1.2% annual increase.
Freehold villa prices compared to 2014: 26.2% lower.
Apartment prices in Q1 2023: AED 1,030 psf, with a 0.5% increase.
Apartment prices compared to 2014: 27.9% lower.
Villa rent growth since 2020: 7% increase, with Saadiyat Island and Al Raha Beach leading.
Total new supply (2023-2025): 29,000 homes, with 58% being villas.
New project launches in Q1 2023: 15 projects, mainly villa-focused.