Abu Dhabi saw a huge increase in the number of real estate transactions last year, while prices remained similar, according to CBRE analysis.
In Abu Dhabi, the total volume of residential transactions reached 11,235 in 2023, up by 77.8 per cent from the year prior, said the property experts at CBRE.
This increase has been underpinned by a 104 per cent growth in off-plan market sales and a 27.7 per cent increase in secondary market sales.
Abu Dhabi real estate sales
In Q4 2023, a total of 3,107 transactions were registered, marking a year-on-year growth of 40.3 per cent.
Over this period, off-plan transactions grew by 41 per cent, and secondary market transactions rose by 38.1 per cent.
In the year to the fourth quarter of 2023, average apartment prices in Abu Dhabi increased by 1.1 per cent, while average villa prices remained almost unchanged from the comparable period a year earlier.
Average apartment rents in the emirate increased by 2 per cent and average villa rents marginally increased by 0.8 per cent in the year to the fourth quarter of 2023.
Considering recent rental registrations that occurred in Q4 2023, average apartment and villa annual rents reached AED64,996 ($17,700) and AED163,098 ($44,400), respectively.
On the supply front, a total of 2,961 units have been delivered in Abu Dhabi in 2023, with 59.4 per cent of this stock being delivered in Shams Abu Dhabi and Najmat Abu Dhabi.
In the year ahead, an additional 4,438 units are expected to be completed, with 69.1 per cent of this new stock expected to be delivered in Yas Island and Al Maryah Island.
Taimur Khan Head of Research at CBRE, said: “The UAE’s residential market ended the year on a strong note, where the elevated levels of demand continue to drive performance.
“The robust levels of activity, high levels of absorption, which have reduced available supply, will continue to support price growth in both Abu Dhabi and Dubai in the year ahead.
“In terms of rental growth, we expect that rental rates in Abu Dhabi will continue to rise, with prime areas set to outperform the market”.
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