Real Estate Market Watch: Record Growth and Demand in Dubai and Abu Dhabi for Q3 2023
Property Finder Releases Impressive Real Estate Data for Dubai and Abu Dhabi in Q3 2023
The real estate market in the UAE has been experiencing remarkable growth, with both Dubai and Abu Dhabi showing substantial increases in demand for properties. Property Finder, the leading property portal in the MENA region, recently released its Market Watch report for the third quarter of 2023, highlighting record transaction values and sustained interest from property seekers.
In Dubai, the sales index for Q3 2023 showed significant growth, with the overall index recording 1.554 and an index price of AED 1,429,187. The demand for apartments and villas/townhouses also saw impressive spikes, with the overall index increasing by 12.4% year-on-year. The rental market in Dubai also improved, with the overall rental index standing at 1.08 and an index price of AED 58,036.
According to Property Finder’s data, Dubai recorded 31,181 transactions in Q3 2023, marking a 22.76% year-on-year increase in both ready and off-plan transactions. Abu Dhabi also experienced a surge in total sales transactions during the same period, with residential transactions reaching a record high for the quarter.
Off-plan properties continue to drive long-term growth in both cities, with Dubai’s off-plan transactions contributing to 47.2% of the total transactions and Abu Dhabi’s off-plan transactions representing 79% of the total transactions in Q3 2023. Existing properties also continue to show positive growth, with higher values and transaction volumes recorded throughout the quarter.
Property seekers in the UAE are increasingly looking to own properties, with significant increases in rental contracts in Dubai and a rise in demand for apartments and villas in both Dubai and Abu Dhabi. Top areas in Dubai for property ownership and rentals include Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, and Jumeirah Village Circle.
Cherif Sleiman, Chief Revenue Officer at Property Finder, commented on the outstanding progress made in Q3 2023, stating, “We closed Q3 with an increased uptake in off-plan properties, strong investor confidence, and rising demand for ownership. Q3 2023 has only taken that success a notch higher, revealing even more opportunities to grow in the months to come.”
Overall, the real estate market in Dubai and Abu Dhabi is showing promising signs of growth and resilience, with property seekers driving momentum for sustained growth in the coming months.
