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Al Etihad
06-05-2025
- Business
- Al Etihad
Economic growth fuels realty boom in Abu Dhabi
7 May 2025 00:50 MAYS IBRAHIM (ABU DHABI)Despite growing global economic uncertainty driven by trade battles, the UAE's real estate markets have recorded strong performances in the first quarter of 2025, according to CBRE's recent UAE Real Estate Market Review. 'Abu Dhabi's office market continues to benefit from a strong non-oil sector and continued government investments, which is supporting growth in new business licences and demand for commercial spaces across the emirate,' the report stated. The emirate's non-oil sector expanded by 6.2% in 2024, while foreign non-oil trade surged 9% year-on-year to Dh306 billion, supported by a 16% increase in non-oil exports and an 11% rise in re-exports. This growth has fuelled continued demand for prime office space, especially in ADGM Square and Al Maryah Tower, both now fully occupied, according to the report. Overall office occupancy reached an average of 96% in the CBRE basket, while rental rates climbed 13% year-on-year. Prime rents increased nearly 15% amid limited availability of quality space, while lease renewals were up 9% sales in Abu Dhabi fell 31% year-on-year in Q1 2025, largely due to a 46% decline in off-plan transactions.'Meanwhile, ready transactions have increased by around 10%, as more investors have looked to purchase completed properties for their own occupation and yield generation,' the report noted. 'This is viewed positively, in terms of the long-term health of the market, reflecting rising demand from end-users and long-term investors.'Property values continued to rise, with apartment prices growing 12% and villa prices increasing 13% over the past year. Rents also surged, with average apartment rents up 13%, while villa rentals rose 4%, the report 40,000 new units are expected to be delivered over the next three years, including 15,000 in 2025 alone, with key launches like Mandarin Oriental Residences and Mamsha Gardens report revealed that the UAE's hospitality sector has shown strong growth, with tourism contributing around 12% to the national economy. In Abu Dhabi, hotel revenue jumped 18% year-on-year to Dh2.3 billion, with ADR and RevPAR up 25%. Occupancy averaged 79% across the emirate, and 82% in the city. Dubai welcomed 5.31 million international visitors in the first two months of 2025, marking a 4% increase. Average hotel occupancy stood at 81.5%, and the average daily rate (ADR) rose 2% to Al Khaimah also recorded strong growth, with nearly 730,000 guest nights and longer stays boosting performance UAE's industrial market continues to attract increasing interest from new investors and developers, with a positive macro-landscape and strong sector fundamentals creating an increasingly compelling report said that the UAE's industrial market continues to draw growing interest from investors and developers, driven by strong sector fundamentals and a supportive macroeconomic environment that highlight its rising potential.'This is reflected in the strong upward rental trends across all locations, with solid occupier demand supporting increasingly aggressive actions of the country's industrial landlords.''This is being supported by an increasingly diversified non-oil economy, and rising trade,' the report added. The UAE's industrial sector remains one of the most dynamic parts of the economy. Five new Comprehensive Economic Partnership Agreements (CEPAs) were signed in Q1 2025 with Malaysia, New Zealand, Kenya, Ukraine, and the Central African Republic, bringing the total to 26. This trade expansion has supported strong rent increases, with Dubai's warehouse rents up over 20% and Abu Dhabi's up 14%, driven by growth in KEZAD.
Al Etihad
07-04-2025
- Business
- Al Etihad
Abu Dhabi non-oil foreign trade records 9% growth in 2024
7 Apr 2025 10:06 ABU DHABI (ALETIHAD)Abu Dhabi Customs reported a nine percent increase in the emirate's non-oil foreign trade in 2024, reaching Dh306 billion, compared to Dh281.9 billion in 2023, reflecting the vitality of the emirate's economy and its growing relations with trading partners around the exports soared 16 percent in 2024, reaching Dh107.8 billion compared to Dh93 billion in 2023. Re-exports grew by 11 percent to exceed Dh58 billion, compared to Dh52.4 billion in 2023, while imports grew by three percent to Dh140.2 billion, up from Dh136.4 billion in growth is attributed to Abu Dhabi's business-friendly ecosystems, proactive policies, and trade facilitation solutions and initiatives to reduce cost, time and requirements, simplifying procedures and enabling seamless integration of government declarations for 2024 showed a three percent increase compared to the previous year, with digital platform transactions growing by 17 percent. Proactive and automated transactions grew by 31 percent, accounting for a significant portion of total customs General of Abu Dhabi Customs, His Excellency Rashed Lahej Al Mansoori, emphasised that Abu Dhabi continues to achieve significant growth in non-oil foreign trade, reinforcing the emirate's status as a rising economic powerhouse and a global hub for business, trade and Excellency Al Mansoori affirmed Abu Dhabi Customs' commitment to working closely with strategic partners to support the emirate's economic objectives and facilitate trade growth. This includes enhancing the efficiency of the customs system and providing effective services to companies and investors through cutting-edge technologies and innovations, thereby reducing costs and accelerating operations. These efforts strengthen the national economy and support the UAE's sustainable development journey. Director General of the Statistics Centre – Abu Dhabi, His Excellency Abdulla Gharib Al Qemzi, said, "Abu Dhabi Customs, in collaboration with the Statistics Centre – Abu Dhabi, plays a crucial role in analysing foreign trade trends and assessing the impact of economic policies. By leveraging accurate and reliable trade data, we enable decision-makers to develop policies that support sustainable economic growth and align with the emirate's long-term vision. The latest foreign trade figures reflect the effectiveness of these policies, with Abu Dhabi's non-oil economy growing by 6.2 per cent in 2024. This growth highlights the emirate's resilience in adapting to global challenges and reinforces its position as a dynamic economic hub."
