HALA AL KHAYYAT (ABU DHABI)
The emirate of Abu Dhabi’s real estate sector recorded an impressive growth in the volume of transactions in 2023, with 21,625 transactions and a towering total value of Dh78.3 billion. The deals included mortgages, and sales of land, buildings and various types of real estate units.
Abu Dhabi’s real estate market demonstrated a strong performance in 2023 compared to the previous year, in which 19,033 real estate transactions were recorded with a total value of Dh77.6 billion. This growth reflects the emirate’s economic flexibility and strengthens the real estate sector’s key role as a diversifying force in the nation’s economy.
Real estate trading indicators show that there were 7,069 mortgage transactions worth Dh26 billion last year, with 1,856 mortgage transactions worth Dh6.9 billion in the first quarter (Q1) of 2023, along with 1,721 mortgage transactions worth Dh9 billion in Q2 2023, 1,536 mortgage transactions worth Dh5.3 billion in Q3 2023, and 1,983 mortgage transactions worth Dh4.8 billion Q4 2023.
To achieve wise leadership’s vision of promoting the sustainable growth of the real estate sector, the Department of Municipalities and Transport has put forward many strategic measures that have allowed the Emirate to maintain its position as one of the most attractive real estate investment markets in the world.
The Department is expecting continued growth for the market in 2024 through an increase in investment opportunities following the planned launch of new projects. These projects are expected to build communities with integrated infrastructure to enhance the quality of life in the emirate.
In 2023, many diverse investment opportunities were announced, along with new investment zones that allow foreigners to own real estate, increasing the size of the emirate’s investment zones and propelling the sector’s growth into 2024. Due to their strategic locations, quality infrastructure, and investor-friendly environment, the new zones provide investors with competitive advantages and high market flexibility.
Citizens and non-citizens may own property in notable areas such as Al Shamkha, Shakhbout City, and Ramhan Island, Al Raha Beach, Al Reem Island, Al Reef District, Al LuLu Island, Saadiyat Island, Yas Island, Seih Al Sedira, Masdar City, Al Mariah Island, Fahed Island, Hidd Al Saadiyat project, Al Jurf area, Nawari Island, Jubail Island, and Kaser Al Amwaj.