Abu Dhabi saw a huge increase in real estate sales transactions in the first three months of the year, according to Property Finder.
The UAE property specialist said the total value of sales transactions in Abu Dhabi reached AED11.602bn ($3.160bn) in the first quarter of this year.
It represents an increase of 219% on the AED3.633bn ($989m) in the same period in 2022.
Abu Dhabi real estate statistics
The first three months of the year, in terms of total value, is close to the figures from January to September in the year before.
Property Finder identified the reasons behind the increase as:
- The country’s great attraction to international investors
- The stable economic environment, when compared to the global one, which is quite unstable
- The revival of tourism
- A strong Covid-19 bounce-back
The figures were included in Property Finder’s Market Watch Report for Q1 2023.
Scott Bond, UAE Country Manager at Property Finder, said: “2022 ended on a good note with a heightened flow of foreign investment, and Q1 2023 ensured a sustained momentum – keeping up the trend.
“For those who are actively home searching, UAE’s real estate sector has much more to offer now than ever, with significant returns and wider options across some of the city’s top areas and future-ready communities”.
As well as seeing an increase in the value of transactions, Abu Dhabi saw the volume increase over the January-March period.
Sales transactions in Abu Dhabi increased by 46.6 per cent, with off-plan properties being the most sought after. Despite selling almost twice as many off-plan properties, Abu Dhabi saw the greatest transaction value in existing homes.
- Off-plan: The total sales transactions volume was 1,345, with a value of AED4.52bn ($1.23bn)
- Existing/Ready Sales: The total sales transactions volume is 682, with a value of AED7.082bn ($1.92bn)
Property Finder identified Al Reem Island, Yas Island, Al Raha Beach, Saadiyat Island and Masdar City as high demand areas for apartment sales in Abu Dhabi.
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