2023-05-20 18:58:21
Dubai: Melhem Al-Zubaidi
The real estate sector in the United Arab Emirates achieved exceptional growth during the first quarter of this year, as real estate transactions recorded 194 billion dirhams, compared to 108 billion dirhams during the same period of 2022, an increase of 80%. Sales also recorded a strong jump by 69% to 108 billion dirhams, compared to 65 billion dirhams.
The Emirate of Dubai continued to record record results in the real estate industry, to acquire the majority share in various levels, as it topped the transaction data with 157 billion dirhams and 89 billion for sales, each equivalent to 81% of the total.
The real estate market in Abu Dhabi achieved strong growth, with transactions amounting to 30 billion dirhams, including sales of 16.2 billion dirhams.
In Sharjah, real estate transactions in the Emirate of Sharjah increased during the first quarter of 2023 to 5.9 billion dirhams in the first quarter. Real estate transactions in Ajman also recorded regarding 3.4 billion dirhams, and the number of real estate transactions reached 2,630, with a growth rate of 6.25% compared to the same period in 2022. While the trading volume amounted to 1.87 billion dirhams, out of a total of 1859 transactions.
Dubai
The sector succeeded in maintaining the great growth momentum and outstanding performance during the first quarter of the year 2023, following witnessing the registration of 38.7 thousand real estate transactions worth 157 billion dirhams, with a growth rate of 80% in terms of value and 49% in terms of number compared to the first quarter of the year 2022. At that time, 26,000 real estate transactions worth 87 billion dirhams were recorded, which confirms the emirate’s comprehensive and sustainable development approach.
It also recorded real estate sales of 89 billion dirhams during the first quarter of this year, a growth rate of 62% compared to the first quarter of 2022, in which sales amounted to 55 billion dirhams.
Abu Dhabi
The real estate sector in Abu Dhabi achieved steady growth during the first quarter of this year, as the first three months witnessed the registration of 5472 real estate disposal transactions at a value of 27.9 billion dirhams, compared to 3304 transactions at a value of 11.3 billion dirhams during the same period in 2022.
The real estate sector in the emirate recorded during the first quarter 3,518 buying and selling transactions worth 16.2 billion dirhams, compared to 1,722 buying and selling transactions worth 4.4 billion dirhams recorded during the first quarter of last year, recording an increase in the total value of real estate sales and purchases by 268% compared to The same period last year, while the increase in the percentage of transactions during the same period reached 104%.
Ajman
The volume of real estate transactions in Ajman during the first quarter of 2023 amounted to regarding 3.4 billion dirhams, and the number of real estate transactions reached 2,630, with a growth rate of 6.25% compared to the same period in 2022. While the trading volume amounted to 1.87 billion dirhams, out of a total of 1859 transactions. Real estate transactions recorded 555 mortgage transactions, at a value of 761 million dirhams.
Sharjah real estate in 3 months
Real estate transactions in the Emirate of Sharjah increased during the first quarter of 2023 to 5.9 billion dirhams in the first quarter, following recording transactions of 2 billion dirhams last January, 2.2 billion dirhams in February and 1.7 billion in March.
And the statistics of the Sharjah Real Estate Registration Department revealed that the total number of transactions executed during the month of March reached 3,386 transactions, as the number of sale transactions reached 595, or 17.6% of the total number of transactions, and the number of mortgage transactions reached 319, or 9.4%, with a total value of 838.6. One million dirhams, while the number of other disposal transactions reached 2,472, representing 73% of the total number of transactions. The sale transactions took place in 88 areas distributed over the various cities and regions of the Basim Emirate, and these properties included residential, commercial, industrial and agricultural lands.
With regard to the type of real estate traded, 157 vacant lands were traded, while built-up land transactions amounted to 207 transactions, while the number of subdivided tower transactions reached 231 transactions out of the total transactions.
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