Huge growth in the volume of real estate transactions seen in Abu Dhabi

The residential property market in Abu Dhabi has continued to demonstrate a strong demand, which led to high indicators in Q3 2023. There has been a significant rise in the total number of property deals in the emirate, with 2,930 transactions registered in Q3 2023, which is 84.3% more compared to the previous year.

A large increase in sales within the off-plan real estate market sector grew by 101.6%. It is expected that the elevated activity level, combined with the lack of upcoming developments in the emirate, will lead to a further price growth.

During the same period, sales in the secondary market rose by 46%. Since the beginning of this year, a total of 7,844 transactions have been registered, which represents a significant year-on-year increase of a huge 91.1%.

During this period of time, the volume of off-plan real estate deals reached a 135.5% growth, and the volume of transactions within the secondary market increased by 22.7%.

Average prices for apartments increased modestly by 0.9%, while average villa prices decreased by 0.1%. The average rental price of apartments and villas in Abu Dhabi rose by 1.1%, reaching about AED 67K (USD 18K) for apartments and AED 162K (USD 44K) for villas.

During the period from the beginning of the year to Q3 2023, 2,262 units were delivered and handed over in Abu Dhabi, with 63.4% of this stock delivered in the areas of Shams Abu Dhabi and Najmat Abu Dhabi.

Another 3,521 ready properties are expected to be delivered by the end of this year, with 63.1% of the new stock located on Al Maryah Island. However, some of these completions may be postponed to 2024, according to historical trends.

A significant increase in the total number of deals compared to the last year, indicates the ever-growing potential of the Abu Dhabi real estate market. Both off-plan and secondary market units are in demand among investors.