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Abu Dhabi, United Arab Emirates
A steady influx of investors is driving up the cost of commercial real estate in Abu Dhabi, according to a new report.
Offices in the UAE capital posted significant increases during the second quarter of the year, with Grade A units in prime locations registering around 10% rental growth compared to the previous year, Asteco reported.
Rental rates also posted “robust” quarterly growth ranging between 3% and 8%, especially for new leases.
“The market… saw a steady influx of private and corporate investments, fuelling demand for high-quality office spaces, and leading to significant rental growth,” the real estate consultancy said in the report.
Asteco also noted that Abu Dhabi’s real estate market is set for continued growth this year, thanks to government initiatives and robust economic fundamentals.
In recent years, Abu Dhabi has been attracting interest from investors overseas, particularly billionaires or high-net-worth individuals (HNWIs).
Egypt’s richest man, Nassef Sawiris is moving his family office to the emirate, as announced last December.
The UAE is also expected to see a record net inflow of 6,700 migrating millionaires this year, especially those from India, the wider Middle East region, Russia, Africa, the United Kingdom and other parts of Europe, according to Henley & Partners in June.
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