Abu Dhabi’s real estate market added nearly 6,000 new residential units last year, accompanied by a gradual decline in rental rates due to increased supply, according to data from the emirate’s Statistics Center.
The center noted that 3,575 residential buildings entered the rental market after being completed by construction companies, out of a total of 4,179 buildings completed last year, The projects ranged from new buildings—totaling 3,774—to 405 additions to existing structures.
The indicators showed that the market was saturated with residential units last year, as they represented a smaller proportion of completed buildings compared to 2016, which saw 7,641 residential units enter the market, even though the number of completed buildings did not exceed 3,789.
Residential buildings range from villas classified as single-unit dwellings to buildings offering multiple units. The construction sector saw its greatest boom during the comparison period in Al Ain, where 1,782 residential buildings were completed, providing 2,513 new residential units, while Abu Dhabi saw the completion of 1,680 residential buildings, providing 3,705 new residential units.
The number of real estate buildings completed in the emirate in the fourth quarter of last year reached 942, across various classifications.
