The number of real estate transactions in Dubai and Abu Dhabi increased by more than 50% in 2023

Final data on real estate transactions in Dubai and Abu Dhabi for 2023 is still pending, but even now, we can speak of extraordinary results for the market. It is known that in Dubai, the key emirate of the country, the number of real estate transactions increased by 57% in annual terms for the first ten months of the previous year. In the capital emirate Abu Dhabi, the number of transactions increased by 56% in annual terms over nine months.

One of the significant factors contributing to this development in Dubai was the growing demand for under-construction luxury properties, private houses, and apartments priced at over 5 million dirhams (1.3 million dollars). Dubai once again proved to be the main driver for the growth of the national market, accounting for a 52.1% share of the total revenue from real estate sales not only in the UAE but also in all Gulf Cooperation Council (GCC) countries combined.

Meanwhile, forecasts for an increase in demand and property prices in Dubai and Abu Dhabi in the first half of 2024 are already in place. In the former case, the average indicator is expected to grow by 5–7%, while in the latter case, it is anticipated to rise by 3–5%. The main categories of investors and buyers from countries are expected to be citizens from India, China, and European countries. Despite a potential slowdown in mid-2024, analysts refrain from providing precise forecasts for developments. In the meantime, construction companies are introducing new payment plans and reducing initial down payment sizes to stimulate demand for real estate.