The UAE real estate sector exhibited robust growth in 2023, with a combined transaction value increase of 22.6% across four emirates (Dubai, Abu Dhabi, Sharjah, and Ajman), totaling 765.1 billion dirhams (approximately $208.34 billion). This upsurge was driven by a significant rise in transactions (193,500) and reflects the sector’s growing contribution to the national economy.
Further analysis by emirate reveals Dubai’s continued dominance, with transaction values exceeding 634 billion dirhams in 2023, marking a 20% annual increase (source: Emirates News Agency, WAM). Notably, Dubai also witnessed a 36% increase in transaction volume (over 166,400) year-on-year. This growth can be attributed to a rise in new investors (71,002), representing a 20% increase, with a significant portion (42%) being non-residents.
Abu Dhabi, the UAE capital, mirrored this positive trend, experiencing a surge in economic activity. Property agreements reached 87.1 billion dirhams, encompassing 38,404 sales and mortgage transactions. Mortgage values specifically rose by 19.5% to 12.2 billion dirhams, involving 22,800 agreements. Furthermore, both local investors (71% increase) and foreign/non-resident investors (175% increase) demonstrated heightened participation in the Abu Dhabi market.
Sharjah and Ajman also displayed noteworthy growth. Sharjah’s property deed volume reached 27.1 billion dirhams (13.1% increase), fueled by a significant rise in non-Arab foreign investor trading volume (165%) and the number of properties traded (131.7% increase). Mortgage transactions in Sharjah amounted to 7.5 billion dirhams. Finally, Ajman’s real estate market saw deal values surpass 16.9 billion dirhams, reflecting a substantial 43% growth year-on-year. This growth stemmed from a surge in transactions (11,500) and a total trading volume exceeding 10.2 billion dirhams.
Publish March 27, 2024
Source: https://arab.news/vqeh7/
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