Metropolitan Capital Real Estate Achieves Record-Breaking H1 2024 Performance
Metropolitan Capital Real Estate (MCRE), a leading full-service real estate agency, has announced exceptional results for the first half of 2024, further solidifying its position as the leading brokerage in Abu Dhabi.
MCRE successfully closed a remarkable 642 transactions, totaling nearly AED 3 billion in sales value, with off-plan deals alone contributing AED 1.8 billion. The total sales in H1 represent a substantial increase compared to the same period in 2023, with sales surpassing the AED 1.9 billion mark – a 58% increase.
The average transaction value for H1 2024 climbed to AED 5.5 million, a significant increase of AED 2.5 million compared to H1 2023, driven by a strong focus on luxury villas in sought-after developments such as Ramhan Island, Ohana by the Sea and other luxury projects. Market share has also seen a significant spike, with MCRE commanding a 14% share of the market in terms of sales value, up from nearly 10% in the previous year.
Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, said: “Abu Dhabi’s real estate market has exhibited remarkable resilience and growth in the first half of 2024, driven by several factors including strategic economic diversification, robust infrastructure development and a thriving lifestyle offering. MCRE’s exceptional performance is a direct testament to our deep understanding of these market dynamics and our ability to capitalize on emerging opportunities.
“Our record-breaking performance, marked by a 58% surge in sales and a remarkable 14% market share, is a testament to our deep understanding of the market and our ability to deliver exceptional value to our clients. The surge in average transaction values, particularly within the luxury villa segment, reflects the increasing preference for upscale properties among both domestic and international buyers. The continued influx of investors from Europe and the CIS is a clear indicator of Abu Dhabi’s growing global appeal as a prime investment destination,” he added.
Property buyers in the capital continue to be dominated by investors from Europe, including Germany, Italy, France, Switzerland, Austria, the UK, CIS and India. Most investors are relocating their families and businesses to the capital to take advantage of Abu Dhabi’s growing reputation as a safe city for families and its forward-looking business policies.
The biggest deal concluded by the MCRE team in H1 2024 was the successful transaction of a Penthouse at the Elli Saab Waterfront, valued at AED 45 million.
To support its growth and expansion, MCRE has significantly increased its agent count. The company now boasts a team of 180 agents in Abu Dhabi, with plans to expand to 250-270 agents by the end of the year. The opening of two new offices, including a 2,500 sqm state-of-the-art headquarters at Guardian Towers and a luxury segment office in St. Regis Collection, Saadiyat Island, further reinforces MCRE’s commitment to providing world-class service to its clients.
“Looking ahead, we are optimistic about the continued growth of the Abu Dhabi real estate market. Our strategic expansion, including the opening of new offices and the recruitment of top talent, positions us to capitalize on emerging opportunities and solidify our leadership position,” added Mr. Ratskevich.
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.
