Abu Dhabi and Dubai record housing sales in the first quarter of 2023

Home sales in two key UAE emirates, Dubai and Abu Dhabi, rose sharply in the first quarter of this year. According to experts, this growth is caused by immigration reforms and a decrease in the cost of buying real estate to obtain a "golden visa" in the country.

The value of transactions reached its new high — AED 528 billion (an increase of 77% year-on-year), and Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum described last year’s achievements of the real estate market as "exceptional". According to a January statement from the Dubai Media Center, the country registered 122,658 real estate deals in 2022, which is 44.7% more than in the previous year.

Content:

• Abu Dhabi’s relevant property market situation
• Sought-after areas for buying a home in Abu Dhabi
• Dubai’s relevant property market situation
• In-demand areas for buying a home in Dubai

Abu Dhabi’s relevant property market situation

According to the "Market Watch Report" released by the Property Finder analytical service, the total value of real estate deals in Abu Dhabi for the first 3 months of 2023 has more than tripled and is AED 11.6 billion ($3.15 billion) compared to AED 3.6 billion for the same period last year.

The volume of off-plan property transactions increased from 713 in the first quarter of last year to 1,345.

Rental prices have also risen in the capital. Rents for apartments in the first quarter rose by 7%, and for villas — by 2%.

Sought-after areas for buying a home in Abu Dhabi

Masdar City has become one of the most popular areas of Abu Dhabi, with an average price of one-, two- and three-bedroom apartments of AED 745,000, AED 1.1 million, and AED 1.8 million, respectively.

According to Property Finder, buyers also prefer to purchase housing on the islands:

• Al Reem;
• Yas;
• Al Raha Beach;
• Saadiyat.

Apartment prices here increased by 7% in the first quarter of 2023.

According to the latest data, Yas, Saadiyat, Al Reef and Al Reem have become the most in-demand islands among inexpensive villas and townhouses.

Dubai’s relevant property market situation

According to the Dubai Media Center, Dubai’s total real estate value reached AED 157 billion in the first quarter of 2023, with an increase of 80%.

The number of registered sales was 30,952, which is a 52% increase compared to the same period last year. Property Finder says that this situation is related to off-plan property sales, which have almost doubled over this period — 15,948 transactions.

The average apartment price increased by 25% year-on-year, while villa prices grew by 16% in 3 months.

In-demand areas for buying a home in Dubai

The most popular areas for buying apartments are:

• Business Bay;
• Downtown Dubai;
• Dubai Marina;
• Jumeirah Village Circle;
• Palm Jumeirah.

In the villa sector, there was an increased demand for:

• Dubai Hills Estate;
• Palm Jumeirah;
• Arabian Ranches;
• Damac Hills;
• Mohamed bin Rashed City.

Apartment rental prices in Dubai rose by 18%, and villa rental prices — by 29%.