The number of real estate transactions in Abu Dhabi saw a 75% increase in 2023
Abu Dhabi's property sector saw a record performance in 2023. Considerable progress was achieved due to the strong demand, which resulted in the launch of new projects and promising offerings across the emirate. The successful year came as a result of the emerging cutting-edge trends, consumer diversification, as well as enhanced investment and business opportunities.
While summarising the results of the past year, Property Finder highlighted strong market development and increased investor confidence. During 2023, Abu Dhabi witnessed 13,298 property transactions, which is a record high and surpassed the 2022 figures by a whopping 75%. And the value of transactions increased by 120%, which amounted to AED 43B (USD 11.7B). The majority of sales contracts involved residential properties, which contributed 85% of the total value of transactions.
The figures for Abu Dhabi's off-plan market confirm the success of the year 2023. The sales of real estate under construction increased by almost 100% and the value of deals went up by 174%. Completed property transactions showed a year-on-year growth of 26% with 3,147 deals finalised.
Among the most requested areas of the emirate in terms of apartments are Al Reem Island, Yas Island, Al Raha Beach, and Corniche Road. Some of the most popular neighbourhoods for villas and townhouse purchases and rentals included Yas Island, Saadiyat Island, Al Reef, and Al Reem Island.
Over the years, the real estate industry of Abu Dhabi has shown consistent growth. This trend is expected to remain positive in 2024 with the development of new projects, the introduction of advanced sustainable technologies, and the simplification of the property search and contracting processes.