Dubai and Abu Dhabi’s real estate sectors experienced significant progress in 2023, according to Property Finder, the leading property portal in the MENA region.
The achievements highlighted the robust growth and increased confidence in the market, contributing to a successful year for the industry.
“2023 has been no less than exceptional for our sector,” Cherif Sleiman, Chief Revenue Officer of Property Finder.
“We saw new trends emerge, diversified consumer segments, increased scope for businesses in real estate, and a strong demand met by multifaceted and future-equipped supply. Ready to host many more searches in 2024, at Property Finder, we remain committed to enhancing and empowering property seekers with all the information they need to make informed decisions and get people living the life they deserve. We look forward to enabling many more possibilities through proptech in 2024,” he added.
Dubai real estate market witnesses 3.6 percent growth
In Dubai, the real estate and construction sectors witnessed respective growth rates of 3.6 percent and 1.9 percent in the first half of 2023, making up nearly 14.4 percent of the city’s total GDP for the year, as reported by the Dubai Statistics Center.
Sales transactions in Dubai reached a new annual record of AED411.74 billion, marking a remarkable 56 percent increase from the previous year.
The flourishing tourism industry and strong economic growth contributed to heightened housing demand.
Registered sales transactions in 2023 surged to 133,134, representing a significant increase of 38 percent compared to 2022, setting a new benchmark for commercial growth.
Abu Dhabi real estate transactions see 120 percent increase in 2023
In Abu Dhabi, the number of transactions reached record highs with 13,298 transactions in 2023, reflecting a substantial increase of 75 percent compared to 2022.
Residential transactions accounted for 97 percent of the total volume and approximately 85 percent of the overall value.
Transaction values amounted to AED43 billion, marking a remarkable 120 percent increase from the previous year.
The off-plan market in both Dubai and Abu Dhabi experienced remarkable growth. In Dubai, off-plan sales transactions surged to 68,783 in 2023, a 59.4 percent increase from 2022, establishing the highest-ever annual performance for the off-plan market.
In Abu Dhabi, 10,151 off-plan sales transactions were recorded, a significant year-on-year surge of 99 percent in terms of volume and 174 percent in terms of value.
Property sales in Dubai, Abu Dhabi
In Dubai, existing sales transactions reached 64,351 in 2023, marking the highest annual performance on record with a year-on-year increase of 20.72 percent.
In Abu Dhabi, 3,147 transactions for ready properties were recorded, representing a notable growth of 26 percent from 2022.
Preferred neighborhoods were identified in both Dubai and Abu Dhabi. In Dubai, top choices for apartment ownership or rental included Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, Jumeirah Lakes Towers (JLT), and Palm Jumeirah.
For villas, Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills, Mohammed Bin Rashed, Al Barsha, Jumeirah, and Damac Hills 2 were preferred areas.
In Abu Dhabi, popular choices for apartment ownership or rental included Al Reem Island, Yas Island, Al Raha Beach, Khalifa City, Corniche Road, Saadiyat Island, and Masdar City.
For villas or townhouses, top picks were Yas Island, Saadiyat Island, Al Reef, Al Reem Island, and Khalifa City.
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