2,954 off-plan real estate transactions registered in Abu Dhabi
The UAE capital has recorded a significant surge in the volume and value of off-plan real estate sales. In Q3 2023, Abu Dhabi achieved a record value of transactions amid increased investor interest for residential and commercial real estate in the capital.
As stated by the Department of Municipalities and Transport (DMT), the record number of residential transactions for this quarter constituted 3,718 deals compared to 1,569 transactions in Q3 2022.
In 2023, 2,954 off-plan sales transactions were recorded in Abu Dhabi, in comparison with 1,041 transactions in Q3 2022, which represented 79% of the total transactions, as opposed to 66% of the total transactions in Q3 2022.
During this period, the value of off-plan sales transactions amounted to 87% of the total value of deals, compared to 64% in Q3 2022. The figures in 2023 amounted to AED 12.7B (USD 3.5B) compared to AED 2.72B (USD 740.6M) last year.
In Q3 2023, the most popular communities for investment were Yas Island, Saadiyat Island, Al Reem Island, Al Raha Beach and Masdar City. Huge demand for rental apartments and villas were registered on Al Raha Beach, Khalifa City, Yas Island, Al Reef and Saadiyat Island. The latter area is very popular within the luxury real estate market.
The volume of the off-plan real estate market increased by 184% compared to Q2 2023, as a result of the strong economic framework and support from both the public and private sector, which were the main reasons for strengthening the property market in the emirate. The constant growth in the volume and value of transactions indicates the increased investor interest for property in Abu Dhabi.