The real estate sector in Abu Dhabi has continued its trajectory of growth in the first quarter of 2023, with 5,472 property sales and mortgages recorded worth AED 27.9 billion ($7.59 billion), compared to 3,304 transactions worth AED11.3 billion during the same period in 2022, according to official data released by the UAE’s Department of Municipalities and Transport (DMT).
The value of real estate transactions in Abu Dhabi during Q1 2023 has increased by 147 percent compared to the same period last year, while the number of transactions has risen by 66 percent. The real estate indicators released by DMT showed that the sector has recorded 3,518 property sales worth AED16.2 billion, compared to 1,722 transactions worth AED4.4 billion during the first quarter of last year, indicating an increase in the total value of property sales by 268 percent and an increase in the number of transactions by 104 percent.
Read more: Abu Dhabi: Real estate transactions exceed AED 22.5 bn in H1
In addition, the DMT has recorded a significant increase in the value and number of mortgage transactions during this period, with 1,954 mortgages recorded worth AED11.7 billion between January and March 2023, compared to 1,582 transactions worth AED6.9 billion during the first quarter of last year, reflecting an increase in the value of transactions by 70 percent and an increase in the number of transactions by 24 percent.
During the first quarter of this year, there were 1,769 new investors in these transactions, which is a 42 percent increase compared to the 1,244 new investors in the first quarter of last year. Additionally, the percentage of non-resident investors during this period was 10.71 percent, a 75 percent increase from the 6.10 percent of non-resident investors in the first quarter of last year.
Strong growth
Dr. Adeeb Afifi, Executive Director of the Real Estate Sector at DMT, said: “The real estate sector in Abu Dhabi has demonstrated a strong growth momentum in the first quarter of 2023. The increase in the number of transactions and their overall value is a testament to the continued resilience of the sector despite global economic uncertainties.
“The increase in the number of transactions is also a reflection of the confidence of investors in the Abu Dhabi real estate market. The government’s continued efforts to enhance the investment environment and regulatory framework have contributed to this positive trend. We are confident that this trend will continue throughout the year, and we remain committed to supporting the growth of the sector and the overall economic development of Abu Dhabi.”
Click here for more news on real estate.
