According to official data released by the Department of Municipalities and Transport (DMT), the real estate market in Abu Dhabi continued its upward trend in the first quarter of 2023, with 5,472 property sales and mortgages recorded worth Dh27.9 billion, up from 3,304 transactions worth Dh11.3 billion during the same period in 2022.
Comparing the first quarter of this year to the same period the previous year, the value of real estate transactions in Abu Dhabi surged by 147% while the quantity increased by 66%. In comparison to 1,722 transactions worth Dh4.4 billion during the first quarter of last year, the real estate sector recorded 3,518 property sales worth Dh16.2 billion, which represents an increase in the total value of property sales of 268 percent and an increase in the number of transactions by 104%.
“The real estate sector in Abu Dhabi has demonstrated a strong growth momentum in the first quarter of 2023. The increase in the number of transactions and their overall value is a testament to the continued resilience of the sector despite global economic uncertainties,” said Dr Adeeb Afifi, Executive Director of the Real Estate Sector at DMT.
In addition, 1,954 mortgages worth Dh11.7 billion were recorded between January and March, compared to 1,582 transactions worth Dh6.9 billion during the same period last year. This represents a 70% increase in transaction value and a 24% increase in transaction volume.
10.7% of non-resident investors
In addition, 1,769 new investors participated in these transactions, a 42% increase over the 1,244 new investors that participated in the first quarter of the previous year.
10.71% of investors were non-residents during this time, which is a 75% increase over the 6.10% in the first quarter of last year.
“The increase in the number of transactions is also a reflection of the confidence of investors in the Abu Dhabi real estate market. The government’s continued efforts to enhance the investment environment and regulatory framework have contributed to this positive trend. We are confident that this trend will continue throughout the year, and we remain committed to supporting the growth of the sector and the overall economic development of Abu Dhabi,” Dr Afifi added.