MCRE sees 70% of its June transactions for Abu Dhabi property come from international customers

Metropolitan Capital Real Estate (MCRE), part of the Metropolitan Group, witnessed a significant increase in business from international clients with 70% of its June transactions coming from international customers. 

Investors showing the most interest in Abu Dhabi real estate are business owners and senior executives from the CIS region and western European countries such as Germany, France, Italy, Austria and Switzerland. Al Reem Island, Khalifa City and Al Raha Beach remain popular locations and account for 80% of MCRE’s sales. 

Earlier in the year, Aldar launched the world’s first museum branded development, Louvre Residences Abu Dhabi, and it sold out in days. Over the past four months, MCRE saw a 50% increase in international buyers versus the same period in 2021. MCRE has also seen a marked increase in interest from Australian investors. 

“What we noticed over the past month is the increase in interest from Australian investors who are starting to discover Abu Dhabi as a destination and investment opportunity,” said Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate. “Australians feel that their market is overpriced and generating low returns so they are looking for overseas investments with high yield and growth potential. Australians now represent around 5% of our international transactions and are usually looking for units that are over AED 3.5 million. Abu Dhabi is now firmly on the property investor map and we anticipate that this summer will be the most active over the last three years.”

Interest from international investors in the UAE’s capital was highlighted in a recent MCRE organised international roadshow with leading property developer Aldar to promote Abu Dhabi projects in Vienna, Austria. The exhibition welcomed more than 200 visitors over two days, with 100 meetings conducted and a number of deals closed across the Water’s Edge, Mayan and the Louvre Residence projects. Over 90% of the visitors were property investors and approximately 80% were Austrians. 

Ratskevich added: “Abu Dhabi is increasingly becoming a very attractive destination and investment opportunity for investors outside the UAE. Our international roadshows have demonstrated great results and we will be planning more over the next six months in partnership with local developers.”

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