Dubai drives UAE real estate sector to record $208bn in transactions

Dubai drives UAE real estate sector to record $208bn in transactions
Dubai drives UAE real estate sector to record $208bn in transactions

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Jeddah - Yasmine El Tohamy - RIYADH: Real estate transactions in four of the UAE’s emirates surged in 2023 as they recorded a combined 22.6 percent annual increase in value – totaling 765.1 billion dirhams ($208.34 billion).

Driven by 193,500 transactions across Dubai, Abu Dhabi, Sharjah, and Ajman, the steady growth highlights the sector’s contribution to the national economy and its growing appeal, evidenced by a significant rise in both local and international investor interest. 

According to official data from local real estate departments in the emirates, Dubai maintained its lead in terms of transaction values in the UAE, with dealings surpassing 634 billion dirhams in 2023, marking an annual increase of 20 percent, as reported by the Emirates News Agency, WAM.  

It also recorded more than 166,400 transactions in 2023, marking a 36 percent increase compared to 2022.  

In Dubai, there were 157,798 investments attributed to 113,655 owners, among whom 71,002 were new investors, marking a 20 percent increase. Moreover, the percentage of non-resident investors rose, constituting 42 percent of the total new investors.

The UAE’s capital, Abu Dhabi, experienced a surge in economic activity as the number of property agreements reached 87.1 billion dirhams, involving 38,404 sales and mortgage transactions across various units in the emirate.  

The value of real estate mortgages in Abu Dhabi totaled 12.2 billion dirhams, involving 22,800 agreements, marking a 19.5 percent increase compared to 2022. 

The capital also experienced a surge in local investors by 71 percent and foreign and non-resident investors by 175 percent. 

Meanwhile, the emirate of Sharjah recorded a volume of property deeds totaling 27.1 billion dirhams in 2023, marking a 13.1 percent increase compared to 2022. 

This comes as the trading volume of non-Arab foreign investors in Sharjah surged by 165 percent, with the number of properties traded increasing by 131.7 percent compared to 2022. 

On the other hand, the value of mortgage transactions in the emirate reached 7.5 billion dirhams. 

Ajman’s real estate market also experienced significant growth in 2023, with deal value surpassing 16.9 billion dirhams, marking a 43 percent increase from 2022. 

This surge was driven by 11,500 real estate transactions, with a total trading volume reaching 10.2 billion dirhams out of 8,675 trading transactions. 

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