Abu Dhabi's property market recorded transactions worth Dh96.2 billion ($26.19 billion) in 2024, driven by robust economic growth, the Abu Dhabi Real Estate Centre (Adrec) announced on Monday.

The total value of deals grew by over 10% year-on-year, while transaction volumes surged by around 24% to 28,249.

Sales transactions accounted for 16,735 deals worth Dh58.5 billion, while mortgage transactions totalled 11,514, valued at Dh37.7 billion.

Abu Dhabi's property sector drew Dh7.86 billion in foreign direct investment in 2024 from 2,302 investors representing 105 countries, including the US, UK, Kazakhstan, Russia, France, and China, The National reports. This marked a 125% increase compared to the previous year.

“The surge in FDI highlights Abu Dhabi’s adaptability and resilience in an evolving global economy. It is a testament to the emirate’s forward-thinking policies, investment-friendly environment and world-class infrastructure that ensure sustainable growth,” said Rashed Al Omaira, acting director general at Adrec.

The UAE’s property market continues to thrive, supported by government initiatives such as residency permits for retirees and remote workers, the expansion of the 10-year golden visa program, and broader economic growth driven by diversification efforts.

In Q3 last year, Abu Dhabi's economy grew by 4.5% year-on-year, fuelled by sustained non-oil sector growth, with the emirate's economic output reaching Dh301.8 billion during the period.

Furthermore, Abu Dhabi completed 12 major developments and launched 38 off-plan real estate projects last year, according to recent data.

Approximately 1,800 new residential units are expected to enter the market by the end of the first quarter of this year, particularly in Yas, Saadiyat, and Al Reem Islands, driven by ongoing property demand, Al Omaira told The National.

He went on to say that they “carefully monitor” the supply situation, factoring in population growth and the launch of new and previously approved projects “to make sure that we're in an occupancy rate that's maintained at a healthy delta in the real estate cycle.”