Property deals in Abu Dhabi surged by more than half in the first nine months of the year, as more investors flocked to the real estate market.

The value of real estate transactions between January and September reached AED67.76 billion ($18.5 billion), up by 56% compared with the same period last year, the Abu Dhabi Real Estate Centre (ADREC), an affiliate of the Department of Municipalities and Transport, reported on Friday.

A total of 16,170 transactions, which include the sale and purchase of properties, as well as mortgages, were recorded during the same period, up by 36% from a year earlier.

“[The results] 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,” the Abu Dhabi Media office said in a statement.

During the nine-month period, Abu Dhabi recorded more resident and non-resident investors, which grew by 70% and 124%, respectively.

“This year’s significant growth compared to 2022 highlights our ongoing achievement and solidifies the emirate’s continuous progress and expansion,” said Adeeb Al Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport.

During the third quarter of the year alone, developers unveiled several residential projects in various locations in Abu Dhabi, including Yas Island, Al Reem Island, Yas Bay, Ghantoot and Saadiyat Island, according to Asteco.

Within the next six months, Asteco said more projects, including residential, commercial and mixed-use developments, will be announced.

(Writing by Cleofe Maceda; editing by Seban Scaria)