The Department of Municipalities and Transport (DMT) has released real estate data indicating that Abu Dhabi real estate market experienced a surge in Q1 2023. The figures show that the value of real estate transactions increased by 147% compared to the same period last year, with a 67% rise in the number of transactions.
The data shows that 3,518 property sales amounting to AED 16.2B ($4.41B) were recorded, representing a significant increase from 1,722 transactions valued at AED 4.4B in Q1 of the previous year. This reflects a 268% rise in the total value of property sales and a 104% increase in the number of transactions.
The Abu Dhabi real estate sector saw 5,511 property sales and mortgages worth AED 27.9B in Q1 2023, representing a significant increase from 3,304 transactions worth AED 11.3B in the same period in 2022.
“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,” said Dr Adeeb Afifi, Executive Director of the Real Estate Sector at DMT. The proportion of non-resident investors in the current period rose to 10.71%, a 75% surge from the previous year’s first quarter figure of 6.10%.
