Property Finder’s Annual Market Watch Report 2023: Off-Plan Surge, Transaction Records, and Emerging Trends

With a surge in off-plan sales, record-breaking transactions, and emerging trends, the property sector in Dubai and Abu Dhabi has witnessed significant milestones in 2023. According to Property Finder’s annual Market Watch Report, both emirates have experienced impressive growth and development in the real estate industry.

Dubai saw a remarkable increase in sales transactions, reaching AED411.74 billion, a 56 percent rise from the previous year. Additionally, around 133,000 registered real estate sales transactions were recorded, marking a significant 38 percent growth. In Abu Dhabi, there were 13,298 real estate transactions, reflecting a 75 percent increase compared to 2022, with residential real estate transactions accounting for 97 percent of the total volume, totaling AED44 billion.

Off-plan investments also saw a substantial boost in both emirates. Dubai recorded 68,783 off-plan sales transactions, a 59.4 percent increase from 2022, while Abu Dhabi saw 10,151 off-plan sales transactions, a 99 percent year-on-year surge in volume.

The report also highlighted the most sought-after neighborhoods for buying or renting properties in Dubai and Abu Dhabi. In Dubai, areas such as Dubai Marina, Downtown Dubai, and Jumeirah Village Circle were popular choices, while in Abu Dhabi, Al Reem Island and Yas Island were top preferences.

Cherif Sleiman, chief revenue officer of Property Finder, commented on the sustained progress of the real estate sector, emphasizing the importance of technology and innovation in facilitating property searches. Property Finder remains committed to empowering property seekers with the information they need to make informed decisions.

Overall, 2023 has been a year of exceptional growth and development in the property sector in Dubai and Abu Dhabi, with off-plan sales, transaction records, and emerging trends shaping the industry’s future.