December Market's News
Consistent signs of growth
Real estate in both Dubai and Abu Dhabi witnessed remarkable growth in Q3 2023, with surges in demand for off-plan and existing properties.
Property Finder's report highlighted a sustained interest and record transaction values, emphasizing once again that real estate is the top choice for long-term investment in the region.
Dubai's quarterly sales index showed growth across all categories, with an overall increase of 12.4% from Q3 2022 to Q3 2023. The city recorded 31,181 transactions, marking a 22.76% year-on-year increase, the highest in a decade. Abu Dhabi also experienced a surge, with residential transactions reaching a record high of 3,718, a 137% increase from Q3 2022.
Off-Plan vs Ready-Built Properties
Off-plan properties contributed significantly to growth in both cities, constituting a higher percentage of total transactions compared to the previous year. Dubai's off-plan transactions increased by 24.6%, while Abu Dhabi saw a staggering surge of 184% in volume and 367% in value for off-plan sales.
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Existing property markets remained robust, setting new records in sales transactions and values. Dubai recorded a 21.2% year-on-year increase in existing sales, hitting a record high transaction value. Abu Dhabi's existing/ready market also grew by 45% compared to Q3 2022.
Top Neighborhoods in Dubai & Abu Dhabi
Rental markets in Dubai showed significant growth, with increased contracts and a preference for certain areas. Dubai Marina, Downtown Dubai, and Business Bay emerged as top choices for apartments. In Abu Dhabi, areas like Al Reem Island and Yas Island remained focal points for apartment buyers.
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Data highlighted key areas for property seekers, with Dubai Marina, Palm Jumeirah, and Jumeirah Village Circle topping the list for apartments, while Dubai Hills Estate and Arabian Ranches stood out for villas. In Abu Dhabi, Al Reem Island and Al Raha Beach were popular choices for apartments and villas.
Source: Property Finder Q3 Market Report