Metropolitan Capital Real Estate (MCRE), a leading full-service real estate agency, broke multiple agency records with property sales exceeding AED 1.2 billion in Q1 2023.
Property transactions in Abu Dhabi only in the first quarter were almost on par with the company’s total sales last year, when it registered sales worth AED 1.6 billion. Part of the Metropolitan Group, MCRE sales in February crossed AED 400 million and in March reached an all-time high of AED 600 million.
The Abu Dhabi property market in Q1 was driven by existing and new developers entering the market as well as new project launches such as Eagle Hills’ Ramhan Island and Sea La Vie from Nine Yards in addition to Ohana By The Sea from Ohana which was exclusively sold by MCRE in less than 30 days.
Buyers were mainly from Europe including Germany, Italy, France, Switzerland, Austria, the 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 as the price per square foot is still very competitive compared to other international tier 1 cities. In the past the ultra-luxury segment did not really exist, however, we are now seeing these quality of products being offered in the market. Developers are introducing super-premium products that are attracting significant interest from HNWI from around the world,” he added.
MCRE saw its off-plan sales increase almost four times, while secondary sales increased by 20 percent in Q1 compared to the last quarter of 2022.
MCRE saw the sales of luxury properties increase by 100% percent fueled by the launches of Ramhan Island, Sea La Vie and ongoing projects including Saadiyat Grove and AlJurf among others.
In Q1, apartment and villa prices increased by 1.5 percent and 2 percent respectively. Prime villa communities continued to see strong demand, with some recording close to a 3 percent increase compared to Q4 2022.
Looking ahead to the rest of the year, Mr. Ratskevich said: “While Ramadan has been a little slow, we anticipate developers to launch several new projects, especially in the ultra-luxury segment which will have a positive impact on the market. Properties worth AED 20M+, especially villas, will outperform compared to other segments while luxury apartments are also expected to do well. The affordable and mid-size segments will remain the same. The average price per sq. ft. is expected to increase by 5-10 percent, 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 has Metropolitan Consulting FZE, a supporting company that provides personal and business legal services in the UAE.
