Dubai boosts UAE real estate to record $208 billion transactions

In the United Arab Emirates, the real estate sector witnessed an incredible upturn in 2023, as property dealings across Dubai, Abu Dhabi, Sharjah, and Ajman collectively soared by 22.6% to achieve a staggering total value of AED 765.1 billion ($208.34 billion). This spike, propelled by 193,500 transactions, featuring the industry’s vital role in the national economic landscape and its escalating allure to both local and global investors.

Dubai emerged as the frontrunner in this boom, with its real estate transactions reaching over AED 634 billion, up by 20% from the previous year, as per WAM, the Emirates News Agency. The city saw a 36% increase in the number of transactions, totaling over 166,400 in 2023.

Dubai welcomed 157,798 investments from 113,655 owners, highlighting a 20% uptick in new investor participation. In particular, foreign investor engagement expanded, representing 42% of new investments.

Abu Dhabi, the UAE’s capital, also showcased vibrant growth, with property transactions hitting AED 87.1 billion through 38,404 sales and mortgage deals. Real estate mortgages alone in Abu Dhabi surged to AED 12.2 billion from 22,800 agreements, up by 19.5%  year-on-year, reflecting increased confidence among investors.

Local investor numbers in Abu Dhabi jumped by 71%, while foreign and non-resident investor participation astonishingly grew by 175%.

Sharjah’s property market reflected a 13.1% increase in deal value, totaling AED 27.1 billion in 2023. The emirate experienced a significant 165% jump in non-Arab foreign investor activity, with property transactions seeing a 131.7% rise from the previous year. Mortgage deals in Sharjah amounted to AED 7.5 billion.

Ajman marked a noteworthy advancement, with real estate transactions climbing to AED 16.9 billion, a 43% increase from 2022. This growth was fueled by 11,500 property deals, contributing to a trading volume of AED 10.2 billion from 8,675 trades.

These figures reflect the dynamic expansion and increasing investor confidence in the UAE’s real estate sector, reinforcing its pivotal role in the broader economic framework.

Original article reference: Arab News.


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