Dubai drives UAE real estate transactions to $208bn
Number of property deals in Abu Dhabi reached 87.1 billion dirhams in 2023
The UAE’s real estate markets experienced robust growth across four key emirates, with total transactions reaching 765.1 billion dirhams ($208.34 billion) in 2023, marking a 22.6 percent increase as compared to 2022 figures.
Driven by 193,500 deals, this steady growth highlights the real estate sector’s contribution to the national economy and its increasing appeal, demonstrated by a significant rise in both local and international investor interest. According to official data from local real estate departments in the emirates, Dubai maintained its lead in the UAE, with dealings surpassing 634 billion dirhams in 2023, marking a 20 percent increase from 2022, as reported by the Emirates News Agency, WAM. This comes as Dubai recorded more than 166,400 transactions in 2023, marking a 36 percent increase compared to 2022.
The UAE’s capital, Abu Dhabi, experienced a surge in economic activity as the number of property agreements reached 87.1 billion dirhams, involving 38,404 sales and mortgage transactions across various units in the emirate.
The value of real estate mortgages in Abu Dhabi amounted to 12.2 billion dirhams, representing 228,000 transactions, an increase of 19.5 percent as compared to 2022.
The capital city also witnessed an increase in the number of local investors by 71 percent and foreign investors by 175 percent.
The volume of real estate transactions in Sharjah reached 27.1 billion dirhams in 2023, recording a surge of 13.1 percent as compared to the previous year.
The trading volume by non-Arab foreign investors in Sharjah increased by 165 percent, and the number of properties traded increased by 131.7 percent compared to 2022.
Meanwhile, the value of mortgage transactions in the emirate reached 7.5 billion dirhams.
The value of real estate transactions in Ajman exceeded 16.9 billion dirhams during 2023, a rise of 43 percent compared to 2022. This was led by 115,000 real estate transactions, while the total trading volume reached 10.2 billion dirhams out of a total of 8,675 trading transactions.