Wed 03-05-2023 at 18:57 PM
ABU DHABI 3rd, May 2023 (WAM). The real estate market in Abu Dhabi continued to grow in the first quarter of 2023, with 5,472 sales and mortgages worth AED 27,9 billion. This compares to 3,304 transactions valued at AED 11,3 billion in the same period of 2022.
The value of Abu Dhabi’s real estate transactions during Q1 of 2023 increased by 147%, and the number of transactions rose by 66%. DMT’s real estate indicators showed that in Q1 2023, the sector recorded 3,518 transactions for properties worth AED 16,2 billion. This is compared to 1,722 transaction worth AED 4,4 billion in Q1 last year.
The DMT also recorded an increase of 24% in both the number and value of mortgage transactions between January and the end of March 2023. This compares to the 1,582 mortgage transactions valued at AED 6.9 Billion during the first quarter last year.
In the first three months of this year there were 1,769 investors, a 42% rise compared to 1,244 investors during the same period last year. The percentage of nonresident investors increased by 75% during this time period, from 6.10% in the first quarter last year.
Dr. Adeeb Afifi is the Executive Director for Real Estate Sector of DMT. He said: “The Abu Dhabi real estate sector has shown a strong momentum of growth in the first quarter 2023. The increased number of transactions, and the overall value of those transactions, is testament to the sector’s resilience despite the global economic uncertainty. The rise in transactions reflects the growing confidence of investors on the Abu Dhabi property market. This positive trend is a result of the government’s efforts to improve the investment climate and regulatory framework. “We are confident that the trend will continue through the year and we remain dedicated to supporting the growth in the sector and overall economic development of Abu Dhabi.”
Tariq Al Fahaam/ Muhammad Aamir