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A new annual record has been set in Dubai’s real estate market. Deals concluded in the emirate in 2023 brought the market over 112.1 billion dollars, demonstrating a 56% annual sector growth compared to the results of 2022. During the same period, in Abu Dhabi, the country’s capital, real estate sales generated over 11.9 billion dollars, marking a 120% annual growth. Much of the credit for these figures goes to the flourishing sales of under-construction real estate, particularly in the off-plan segment of the market. However, for Abu Dhabi, the growing tourism industry also played a crucial role.
Off-plan real estate sales in Dubai contributed 43.6 billion dollars to the market in 2023. The previous year, this segment brought in 25.3 billion dollars. Thus, we observe a revenue growth of approximately 72.3% in a year. In total, 68,783 off-plan transactions were concluded in 2023, accounting for 39% of all real estate transactions in the local market and demonstrating a growth of 59.4% compared to 2022. There were 64,351 transactions for the sale of ready properties, marking a record annual growth of 20.72% compared to 2022 figures.
A similar trend is observable in Abu Dhabi. Sales of ready real estate in this emirate contributed 9.6 billion dollars to the market. Transactions of this type constitute an 81% share of all deals made in the emirate. Moreover, over the year, their number increased by 174%. In 2022, ready real estate accounted for about 65% of all transactions on the local market. Additionally, new leading areas for housing sales emerged in the UAE capital last year. Regarding apartments, Al Reem Island, Yas Island, Al Raha Beach, and Khalifa City were standout areas, while villas performed best in the Saadiyat Island, Al Reef, and Al Reem Island regions.