Abu Dhabi 2024 real estate market report
The Abu Dhabi real estate market experienced strong growth across all major sectors in 2024 with strong tailwinds continuing into 2025.
The 2024 Real estate market report provides analysis of some of these sectors with a focus on residential, office, industrial and hospitality.
“The significant rise in international companies relocating to ADGM has driven up occupancy rates across the office sector, with vacancy levels now averaging single digits in prime and Grade A spaces. The residential sector also shows strong demand, evidenced by high occupancy rates and rising rents, alongside continued robust activity in off-plan and secondary sales markets. Recent announcements of new leisure and cultural projects, as well as the expansion or imminent opening of various developments, further strengthen Abu Dhabi's standing as a prime location for living and working.”
Simon Townsend
Chief Executive Officer – United Arab Emirates
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Office market key takeaways
4.13 million sqm*
Total office supply in 2024
215,000+ sqm GLA*
Upcoming office supply by 2027
89%
Overall Abu Dhabi office occupancy
93%
Prime and grade A office occupancy
Compared to 2023
AED 662/sqm
Median office rents for contracts starting in 2024
AED 631/sqm
Median office rents for contracts starting in 2023
+4.9%
Increase in median office rents for contracts beginning 2024 relative to contracts beginning in 2023
Residential market key takeaways
380,000+ residential units
Number of residential units as of 2024
29,000+ residential units
Number of residential units expected to be delivered between 2025 and 2027
188,000+ rental transactions
Rental contracts registered starting 2024
9,700+ sale transactions
Residential units sales transactions recorded in 2024 as of the date of this report
Compared to 2023
+3.0%
Average apartment sales rate (2024: AED 14,865/sqm)
-7.0%
Average townhouse sales rate (2024: AED 12,271/sqm)
+6.8%
Average villa sales rate (2024: AED 12,827/sqm)
+4.3%
Average apartment rental rate (2024: AED 726/sqm)
+3.8%
Average townhouse rental rate (2024: AED 656/sqm)
+0.5%
Average villa rental rate (2024: AED 457/sqm)
Retail market key takeaways
2.37 million sqm GLA
GLA of organized retail assets as of 2024
84k+ sqm GLA
Upcoming organized retail supply in 2025
Compared to 2023
+7.7%
Growth in average mall rents registered in 2024 (AED 2,523/sqm)
+9.3%
Growth in average shop rents registered in 2024 (AED 1,750/sqm)
Hospitality market key takeaways
31,068 hotel keys
Existing hotel keys in 2024
1,949 hotel keys
Expected to be delivered by 2027
76%
Expected occupancy across hotels in 2024
434 AED
Average daily rate YTD Q3 2024*
Compared to 2023
+10.5%
Occupancy YTD Q3 2024*
+8.0%
Average daily rate YTD Q3 2024*
+19.3%
RevPAR YTD Q3 2024*
Industrial market key takeaways
7.95 million sqm
Total industrial GLA
251,000 sqm
Notable upcoming grade A industrial supply in 2025
90-95%
Average occupancy of key industrial zones
Compared to 2023
+1% - 12%
Growth rate range of warehouse rents across Abu Dhabi in 2024 relative to calendar year 2023.
- KEZAD: + 12%
- ICAD: +1%
- Markaz : + 8%
Note: Statistics exclude Al Ain and Al Dhafra region
*As per latest available data as of the date of this report
Sqm: square meters
GLA: Gross leasable area
ADR: Average daily rate
RevPar: Revenue per available room
Note: Statistics exclude AI Ain and AI Dhafra region
Source: Quanta, Avison Young Research, MECSR, DCT, STR