Metropolitan Capital Real Estate Transforms Market with AED 4.8 Billion in Sales, Achieving 60% Growth in 2024

Metropolitan Capital Real Estate (MCRE), a prominent Abu Dhabi realty firm and a member of the Metropolitan Group, has reported significant achievements for 2024. The agency successfully completed more than 1,200 property transactions, marking a notable 48% growth from the previous year. This surge in deals resulted in transactions worth AED 4.8 billion, showing a substantial 60% increase from the AED 3 billion recorded in 2023. Additionally, the average value of each transaction grew by 21%, reaching AED 4 million.

Last year's remarkable performance by MCRE mirrors the unprecedented growth experienced in the Abu Dhabi real estate sector. The capital registered over 14,620 transactions in freehold zones, amounting to AED 46.63 billion. Off-plan properties contributed AED 32.56 billion to this total, while secondary market sales accounted for AED 14 billion. This surge in transactions underscores the dynamic nature of Abu Dhabi's real estate market.

Evgeny Ratskevich, the CEO of Metropolitan Capital Real Estate, commented on the company's stellar performance, stating, "2024 was a year of exceptional growth for both MCRE and the Abu Dhabi real estate market." He attributed this success to the company's deep understanding of client needs, which not only boosted revenues by 60% but also reinforced MCRE's leadership in the market. Ratskevich expressed optimism for 2025, anticipating leveraging the firm's expertise and client relationships to take advantage of upcoming new launches.

In 2024, secondary market sales for MCRE saw a dramatic increase of 119%, amounting to AED 1.3 billion, with nearly 40% of these transactions occurring in Saadiyat Island. Meanwhile, off-plan sales reached AED 3.6 billion, capturing a 10% market share in freehold areas. These figures highlight MCRE's significant presence in Abu Dhabi's real estate landscape, particularly in sought-after locations such as Reem Island, Ramhan Island, and Al Jurf.

The previous year also saw MCRE securing some of the biggest deals in the market, including the sale of a villa and an apartment on Reem Island and Al Jurf, each valued at AED 45 million. These high-profile transactions underline the agency's role in catering to luxury real estate investments in Abu Dhabi.

Investors from Russia, CIS countries, the UK, the UAE, and an increasing number from the US, continue to dominate the Abu Dhabi real estate investment scene. MCRE has noted a growing trend of these investors moving their families and businesses to the UAE, attracted by the country's lifestyle, safety, and infrastructure.

Looking forward, MCRE anticipates a 30-40% growth in Abu Dhabi's real estate market in the coming year. This positive outlook is supported by several factors, including new project launches, heightened investor interest, and a population shift from Dubai to Abu Dhabi. The capital's reputation as a prime investment destination is expected to be further bolstered by its lifestyle offerings and the new airport, which is poised to enhance tourism and attract more international investors.

The upcoming year is set to witness numerous project launches from both established and international developers, alongside increased participation from family offices and investment funds. Reem Island and Saadiyat Island, in particular, are expected to receive a significant portion of these new projects, with the market preparing for an off-plan inventory worth an estimated AED 130 billion in 2025, up from AED 80 billion in 2024.

To accommodate this expected growth, MCRE has expanded its operations. The company relocated its headquarters to a 2,500 sq. ft. sales office and introduced Metropolitan Capital Elite on Saadiyat Island, a luxury office dedicated to serving high-net-worth individuals and the upscale market in the capital. This strategic expansion aims to enhance client interactions and cater to the growing demand in Abu Dhabi's luxury real estate sector.