KHALEEJ TIMES, Thursday, May 04, 2023 | Shawwal 14, 1444
Abu Dhabi records Dh27.9 billion in real estate transactions in first three months of 2023
Emirates:
The real estate sector in Abu Dhabi has continued its trajectory of
growth in the first quarter of 2023, with 5,472 property sales and mortgages
recorded worth Dh27.9 billion, compared to 3,304 transactions worth Dh11.3
billion during the same period in 2022, according to official data released by
the Department of Municipalities and Transport (DMT).
The value of real estate transactions in Abu Dhabi during the first quarter has
increased by 147 per cent compared to the same period last year, while the
number of transactions has risen by 66 per cent. The real estate sector has
recorded 3,518 property sales worth Dh16.2 billion, compared to 1,722
transactions worth Dh4.4 billion during the first quarter of last year,
indicating an increase in the total value of property sales by 268 per cent and
an increase in the number of transactions by 104 per cent.
“The real estate sector in Abu Dhabi has demonstrated a strong growth momentum
in the first quarter of 2023. The increase in the number of transactions and
their overall value is a testament to the continued resilience of the sector
despite global economic uncertainties,” said Dr Adeeb Afifi, Executive Director
of the Real Estate Sector at DMT.
In addition, 1,954 mortgages were recorded worth Dh11.7 billion between January
and March, compared to 1,582 transactions worth Dh6.9 billion in the same period
of last year, reflecting an increase in the value of transactions by 70 per cent
and an increase in the number of transactions by 24 per cent.
10.7% non-resident investors
Also, there were 1,769 new investors in these transactions, which is a 42 per
cent increase compared to the 1,244 new investors in the first quarter of last
year.
The percentage of non-resident investors during this period was 10.71 per cent,
a 75 per cent increase from the 6.10 per cent in the first quarter of last year.
“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. We are confident that this trend will
continue throughout the year, and we remain committed to supporting the growth
of the sector and the overall economic development of Abu Dhabi,” Dr Afifi
added.