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 Abu Dhabi Real Transactions Total $23.72 Billion in 2023

Image courtesy: Property Finder

Abu Dhabi Real Transactions Total $23.72 Billion in 2023

Abu Dhabi Real Estate Centre (ADREC), a dedicated affiliate of the Department of Municipalities and Transport (DMT), on Wednesday said that the real estate transactions in Abu Dhabi totalled a record-breaking total of around $23.72 billion in 2023.

The value of buying and selling activities surged by 159.5% compared with 2022, reaching $16.61 billion. ADREC reported this increase based on 15,653 transactions, representing a 73.7% rise from 2022.

The overall buying, selling and mortgage activities across the sector increased by 12.2% in 2023 compared with the previous year. The reported results are based on a total of 22,751 transactions, which rose by 19.5% from the previous year’s number of transactions.

ADREC also noted an increase in resident and non-resident individual investors during 2023, which reflects the diversity of Abu Dhabi’s real estate sector. The emirate saw 9,448 newly registered investors and 1,098 non-resident investors – marking significant increases of 71% and 175% respectively, compared with 2022.

The Abu Dhabi real estate market continues to demonstrate consistent and sustainable growth, in line with the vision of Abu Dhabi leadership to maintain the Emirate’s global appeal as a prime real estate investment destination. This year’s significant growth compared to 2022 highlighted the ongoing achievements and solidifies the emirate’s alluring position, continuous progress, and future expansion.

These results also reflected ADREC’s strategic mission to position Abu Dhabi as a global real estate destination and lead the growth of its entire real estate ecosystem. They also demonstrated the strength and potential of the Emirate’s real estate sector, which continued to attract both local and international investors, making it a sought-after destination for real estate investment on a global scale.

ADREC is tasked with ensuring that Abu Dhabi’s real estate market is the destination of choice for regional and international capital investment, further solidifying its position in the global real estate landscape.

The Centre has also partnered with real estate portals – Bayut and Property Finder – on Monday to enhance transparency, efficiency, and decision-making in Abu Dhabi’s real estate sector and signed two Memorandum of Understandings (MOUs) with its partners to ensure that the end user is presented with accurate, non-conflicting purchase-related information through the combination of these websites.

In addition, ADREC will help streamline the efforts of the channel partners within the customer purchase journey. The MoU signing is also useful for enhancing sector services and elevating real estate transparency levels.

Global Business Magazine

Global Business Magazine

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