2023-12-25 19:02:57
A report by “Property Finder” revealed that the third quarter of 2023 recorded a significant increase in the total real estate sales transactions in Abu Dhabi, including residential and commercial units, and this comes according to data from the Department of Municipalities and Transport. This quarter witnessed a record number of transactions reaching 3,718 sales transactions, which represents a noticeable jump, when compared to the number of transactions that took place in the third quarter of 2022, which was estimated at 1,569 sales transactions, which reflected a significant growth of 137%. During the third quarter of 2023, residential transactions represented 92% of the total number of sales and 90% of the total value of sales. This growth in the number of deals was reflected in investors’ confidence in the Abu Dhabi real estate market. In addition, the state’s continuous efforts contributed to improving and developing the investment environment and setting regulatory frameworks for it, making it a promising and trustworthy environment for investment.
- Real estate on the map
The third quarter achieved a boom in sales of real estate under construction in Abu Dhabi, reaching its highest number of sales transactions, which amounted to 2,954 compared to 1,841 in the previous quarter, and only regarding 1,041 during the same period of the previous year.
Off-plan real estate sales also represented regarding 79% of the total transactions, during the third quarter, compared to regarding 66% during the same period in 2022. Off-plan real estate sales recorded a huge increase on an annual basis of 184%, in terms of the number of sales transactions, and an increase of 367 % of the total sales value.
The value of real estate sales under construction reached 12,712 billion dirhams in the third quarter, compared to 2,786 billion dirhams during the third quarter of 2022, and their percentage was estimated at regarding 87% of the total real estate sales, compared to 64% at the same time last year.
- Secondary properties (ready)
In the third quarter, the available/ready real estate market recorded regarding 764 properties, compared to regarding 528 properties in the same period last year, recording a noticeable increase in the number of sales transactions by 45% compared to the same period of the previous year.
Despite this, the contribution of available/ready real estate sales to total sales decreased from 34% in the third quarter of 2022 to reach only 21% in the same period in 2023, due to the growth of sales of under-construction properties at a greater pace than those of available/ready properties. .
In terms of sales value, the share of the available/ready real estate market in total sales transactions reached 13% in the third quarter of 2023, compared to 36% in the same quarter of 2022.
The value of ready sales amounted to regarding 1,873 billion dirhams, a significant increase of 25%, when compared to 1,502 billion dirhams during the third quarter of 2022.
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