The global economy was rocked by COVID-19 in 2020, however as the year came to a close, Abu Dhabi remained stable, despite worldwide uncertainty. Although the UAE capital saw a slight decline at the height of the pandemic, it soon corrected itself, ending the year on a “normal” note, according to regional real estate experts Property Finder.
PRIOTISING OUTDOOR SPACE
Lynnette Abad, the Director of Research & Data at Property Finder, said: "2020 was quite interesting to say the least overall. When it comes to residential real estate, we at Property Finder predicted pent up demand from the beginning. Abu Dhabi trends saw people migrating to larger properties and villa/townhouses with outdoor space. This has been a trend we have seen around the world.”
Indeed, these trends were consistent across both the rental and sales markets, according to Property Finder’s report. Leading the way for the sale of villas and townhouses was Saadiyat Island, which represented 26.7% of market sales. Following the key hub, the most popular areas to purchase a villa or townhouse were Al Reef (11.8%), Al Raha Gardens (7.3%) and Al Salam Street (3.3%). 21.34% of the listings were for 3-bedroom units, 29.19% for 4-bedroom units and 39.74% for 4+bedroom villa/townhouses, according to the report.
Meanwhile, Al Reem Island (44.7%) dominated apartment sales, as well as the rental market although albeit at a lower rate, where it accounted for 25.4% of all apartment rentals in the emirate. Keywords used by customers also seemed to suggest that people were prioritising outdoor space, while the threat of lockdown loomed. The most searched terms for apartments included: “balcony” and “seaview”.
