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Metropolitan Capital Real Estate posts record Q3 sales in Abu Dhabi

Third-quarter sales increased 200% year-on-year basis with record sales months for August and September

Metropolitan Capital Real Estate (MCRE) on Wednesday announced that it registered a most successful third quarter in company history.

The company, a Metropolitan Group subsidiary, registered over Dh500M in sales for Q3, a 200 per cent increase from 2021 with record months in August and September. It registered over Dh150 million sales in August, a growth of 180 per cent on last year. This was then followed up by a record month for September when the company broke its monthly sales record registering over Dh250 million in sales, a 200 per cent growth for the month year-on-year basis.

Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, said the Abu Dhabi real estate market has seen phenomenal growth and has become a really attractive opportunity for investors and residents this past year.

"The summer is usually pretty quiet, however this year the Abu Dhabi market saw significant activity with UAE nationals and residents accounting for most of our transactions in Q3," he said.

"Off plan transactions have always been the most poplar however the secondary market has recently taken off which prompted us to expanded the size of our dedicated secondary market team to accommodate demand. The most popular locations for sales still remain Yas Island, Al Saadiyat Island, Al Reem Island, Khalifa City, Al Raha Beach which account for 80 per cent of our sales,” he said.

The Abu Dhabi real estate market has been historically driven by residents with up to 80 per cent of real estate purchases made by Emiratis or residents. However, Abu Dhabi’s growing attractiveness as a safe city for families and a competitive city for business and investment has helped its appeal with international buyers.

In June, MCRE saw a significant increase in business from international clients with 70 per cent of its transactions coming from international customers. Investors showing the most interest in Abu Dhabi real estate were business owners and senior executives from the CIS region and western European countries such as Germany, France, Italy, Austria and Switzerland.

During the first four months of the year, MCRE saw a 50 per cent increase in international buyers vs. 2021 with nearly 90 per cent of the buyers choosing to relocate to the city with their families.

The Metropolitan Group in the UAE includes two full-service real estate agencies: Metropolitan Premium Properties (Dubai) and Metropolitan Capital Real Estate (Abu Dhabi). The group also has Metropolitan Consulting FZE, a supporting company that provides personal and business legal services in the UAE.

— business@khaleejtimes.com