Abu Dhabi Real Estate Market Sees Surge in Transactions and Investor Growth in 2023
Abu Dhabi’s Real Estate Market Booms in 2023 with Record-Breaking Transactions
In a remarkable turn of events, the Abu Dhabi real estate market has surpassed all expectations in 2023, clocking a staggering AED87.1 billion ($23.7 billion) in real estate transactions. The Abu Dhabi Real Estate Centre (ADREC) disclosed this groundbreaking figure on Tuesday, revealing a whopping 159.5 percent increase in buying and selling activities compared to the previous year.
With a total of 15,653 transactions recorded, representing a 73.7 percent surge from 2022, the market has shown exceptional growth and resilience. The overall buying, selling, and mortgage activities across the sector also experienced a remarkable 12.2 percent increase, totaling 22,751 transactions, marking a 19.5 percent rise from the previous year.
One of the most significant highlights of this prosperous year was the influx of new investors entering the market. ADREC reported a remarkable increase of 71 percent in newly registered resident investors, with 9,448 individuals taking the plunge. Additionally, 1,098 non-resident investors showed a substantial surge of 175 percent compared to 2022, emphasizing Abu Dhabi’s growing appeal as a global real estate destination.
The strong performance in the last quarter of 2023 further solidified the market’s position, with all segments showing a steady increase in value. The ValuStrat Price Index (VPI) for Abu Dhabi’s residential market recorded an annual growth of 4.2 percent and a quarterly rise of 1 percent. The villa market saw a 1.7 percent quarterly growth and a notable 5.7 percent annual increase, while apartments saw a steady 2.7 percent annual rise.
Moreover, the UAE’s construction market continued to flourish in 2023, with a reported size of $94 billion. According to a recent report by GlobalData, the sector is projected to achieve an average annual growth rate of over 3 percent between 2025 and 2028, indicating a positive outlook for the future.
The remarkable achievements and solid growth witnessed in 2023 reaffirm Abu Dhabi’s position as a leading real estate destination, attracting both local and international investors. The continuous progress and strategic initiatives undertaken by ADREC have further established the emirate as a sought-after destination for real estate investment on a global scale.
For more updates on the real estate market, stay tuned for the latest news.
