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Abu Dhabi’s property market had a “record-breaking” year in 2023, with real estate deals surging to AED 87.1 billion ($23.7 billion), the Abu Dhabi Real Estate Centre (ADREC) reported.
The value of purchase and sale transactions climbed by 159.5% last year, reaching AED 61 billion, according to ADREC. The overall buying, selling and mortgage activities across the sector also went up by 12.2%, while total deals reached 22,751, rising by 19.5%.
The UAE capital also saw a growth in the number of resident and non-resident individual investors in the property market.
During 2023, Abu Dhabi recorded 9,448 newly registered investors and 1,098 non-resident investors, rising by 71% and 175%, respectively.
The emirate saw a surge in project launches last year, particularly in premium locations like Saadiyat, Al Reem Island and Yas Island.
Abu Dhabi’s residential real estate market started to see consistent growth in terms of sales since the latter half of 2021. The trend grew in momentum over 2023 and to the present, according to a separate report from Asteco.
(Writing by Cleofe Maceda; editing by Seban Scaria)
