In Abu Dhabi, in addition to the real estate sector, there has been a significant increase in prices in various other sectors of the economy. Speaking about the real estate market in Abu Dhabi, it should be noted that, as in Dubai, strong performance in the second quarter 2023 was due to an increase in the number of projects, the volume and quantity of attracted investments and, undoubtedly, the introduction of innovative developments.
Off-plan sales saw astonishing growth, reaching 1,838 in the second quarter of 2023, significantly higher than the 947 recorded in the same period the previous year. They accounted for 71.4 % of the total number of transactions, exceeding the 60.7 % recorded in the second quarter of 2022. Buyers preferred properties in key areas including Al Reem, Yas, Saadiyat Islands, Al Raha Beach and Masdar City, indicating strong interest for both personal residence and investment.
Notably, the same period saw a remarkable increase in deal volume of 94.1 % year-on-year and an impressive increase in deal value of 118 %. The value of off-plan sales transactions in Abu Dhabi in the second quarter of 2023 was 71.9 % of total sales transactions, compared to 58.7 % in the second quarter of 2022. In monetary terms, this amounted to AED 4.704 billion, marking a significant jump from the AED 2.157 billion recorded in the corresponding period of the previous year.
According to our experts, this growth contributes to the further development of the real estate market in Abu Dhabi and is due to the confidence in it from foreign and local investors.
