The real estate sector in Abu Dhabi has continued its trajectory of growth in the first quarter of 2023, with 5,472 property sales and mortgages recorded worth Dh27.9 billion, compared to 3,304 transactions worth Dh11.3 billion during the same period in 2022, according to official data released by the Department of Municipalities and Transport (DMT).
The value of real estate transactions in Abu Dhabi during the first quarter has increased by 147 per cent compared to the same period last year, while the number of transactions has risen by 66 per cent. The real estate sector has recorded 3,518 property sales worth Dh16.2 billion, compared to 1,722 transactions worth Dh4.4 billion during the first quarter of last year, indicating an increase in the total value of property sales by 268 per cent and an increase in the number of transactions by 104 per cent.
“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 were recorded worth Dh11.7 billion between January and March, compared to 1,582 transactions worth Dh6.9 billion in the same period of last year, reflecting an increase in the value of transactions by 70 per cent and an increase in the number of transactions by 24 per cent.
10.7% non-resident investors
Also, there were 1,769 new investors in these transactions, which is a 42 per cent increase compared to the 1,244 new investors in the first quarter of last year.
The percentage of non-resident investors during this period was 10.71 per cent, a 75 per cent increase from the 6.10 per cent 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.
From Khaleej Times
