Abu Dhabi's residential capital values have registered an 11% annual growth, fully recovering from Covid-19 fallouts, and performing better than 2019 by 1.7%. However, prices are still 29.8% below 2016 levels, said a report.
According to the valuation-based house price index (VPI), the emirate's capital values rose 2.1% quarterly to hit 70.2 points.
All properties monitored by the VPI saw annual growth in capital values ranging from 7% to 13.5%.
The weighted average residential value this quarter was AED9,171 per sq m, apartments stood at AED10,000 per sq m and villas at AED7,201 per sq m.
Locations with highest annual gains were villas in Al Reef (13.5%), Saadiyat Island (13.5%), and Al Raha (12.9%). Al Reem Island had the best performing apartments (10.4%) followed by Al Muneera Island (9.8%), and Al Bandar (8.4%).
Citywide annual rents in Abu Dhabi increased 3.1% annually and 2.3% since the previous quarter.
Villa rents increased 2% YoY, 2.6% QoQ, that’s compared with apartments at 4.1% YoY, 2.1% QoQ. Abu Dhabi’s gross yields averaged 7.1%, for apartments at 7.4% and villas with 6.3%.
On the Abu Dhabi residential supply scenario, the VPI said for 2021, there were a total of 4,182
apartments and villa units which finished construction in eighteen projects. This constituted 34.3% of total forecasted new build units for the year.
The new build units were constructed in Al Raha Beach and Yas Island with 30%, and Al Reem Island having 24% of overall units, it stated.
The notable completions during the fourth quarter included Al Ghadeer Phase Two (611 units),
Al Raha Lofts (278 units) and Marina Rise Tower (234 units) with no villa completions, said the VPI report.
During Q4, the last phase of Yas Acres project Dahlias was launched with 120 units.
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