Abu Dhabi Experiences Monumental Surge in Real Estate Transactions with Off-Plan Sales Soaring by 104%

The Abu Dhabi real estate market witnessed a sharp increase in sales interest in 2023.

Total residential transactions inside the Emirate reached 11235 for the full 12 months of 2023 – a boom of 77.8% from the previous year.

Off-plan sales led this boom, rocketing by 104% to reach 6,327 units. The surge reflects strong demand for new projects being launched in the market.

Additionally, transactions inside the secondary market, comprising prepared houses, rose sharply from 27.7% to 4,908 units. Both first-time shoppers and buyers contributed to the higher sales volumes.

In Q4 2023 alone, 3,107 transactions had been recorded in Abu Dhabi, a 40.3% annual upward thrust. Off-plan income grew 41%, whilst secondary market activity extended 38.1% over the remaining 12 months.

According to CBRE, typical rental costs rose marginally with the aid of 1.1% in 2023 from the previous 12 months. Villa values remained widely vital.

Similarly, rental rents grew 2% in common compared to 2022 tiers. Villa rents saw a modest zero.8% boom over the 12 months.

Regarding supply, 2,961 residential devices have been completed and will be handed over to proprietors in 2023.

Going ahead, CBRE expects the healthy transaction momentum to keep. With around 4,400 new houses slated for completion in 2024, the overall stock increase should help take in market demand.

The strong performance underlines Abu Dhabi’s attractiveness as a real estate property market, supported by its monetary growth and populace growth. Further price increases are projected across property segments.