Abu Dhabi real estate has seen a massive increase, with a 186 per cent sales increase in the first nine months of the year, according to official figures. Abu Dhabi Real Estate Centre (ADREC), an affiliate of the Department of Municipalities and Transport (DMT), has revealed a record-breaking total of AED67.76bn ($18.4bn) was recorded in real estate transactions in the first nine months of 2023.
The landmark figure encompasses all buying, selling and mortgage activities across the sector, marking a 56 per cent increase compared to the same period last year. Abu Dhabi real estate boom The centre reported the results based on a total of 16,170 transactions, a 36 per cent increase from the same period in 2022.
The value of buying and selling activities saw an increase of 186 per cent compared to the first three quarters of 2022, at AED40.89bn ($11.1bn). The centre reported the rise in value, based on 10,671 transactions, marking a 92 per cent increase compared to the same period last year. The centre also reported an increase in resident and non-resident individual investors during this period which reflects the diversity of Abu Dhabi’s thriving real estate sector.
The emirate recorded transactions from 6,494 newly registered resident investors and 630 non-resident investors, both being significant increases compared to the same period in 2022 at 70 per cent and 124 per cent respectively. Dr Adeeb Al Afifi, Executive Director of the Real Estate Sector at Department of Municipalities and Transport, said, “The Abu Dhabi real estate market demonstrates consistent and sustainable growth, aligning with our leaders’ vision to maintain the emirate’s global appeal as a prime real estate investment destination.
“This year’s significant growth compared to 2022 highlights our ongoing achievement and solidifies the emirate’s continuous progress and expansion.” These results are in line with ADREC’s strategic mission to position the emirate as a global real estate destination and lead the growth of its entire real estate ecosystem. They also showcase the strength and potential of the emirate’s real estate sector, which continues to attract both local and international investors, making it a sought-after destination for real estate investment globally.
