UAE real estate sector marks unprecedented achievements in 2023 – Economy Middle East

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Residential transactions in Abu Dhabi grew by 56 percent, recording AED67.8 billion

The real estate sector in the United Arab Emirates (UAE) achieved numerous milestones this year that topped several international indicators. This confirmed the country’s position as a leading global hub for the real estate and construction markets.

Real estate transactions

Official data indicated that the UAE real estate sector continued to perform well. For instance, the value of residential transactions in Abu Dhabi grew by 56 percent annually. They recorded AED67.8 billion (about $18.5 billion) during the first nine months of 2023. Sales prices also witnessed growth, accelerating to 3.9 percent annually during October.

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Moreover, the value of real estate transactions in Dubai increased by 37 percent annually during the first ten months of 2023, exceeding AED500 billion ($136.2 billion). Meanwhile, the number of real estate transactions carried out during the first three quarters increased by 36 percent annually. They recorded more than 116 thousand transactions, according to the Emirates News Agency.

Sector’s strength

The real estate sector in Abu Dhabi achieved property sales amounting to AED50 billion since the beginning of the year. This represents sales of about over 14,000 real estate units. Meanwhile, real estate sales in Dubai approached about AED400 billion during the same period.

Furthermore, Sharjah emerged as a key player in the real estate market, becoming a preferred destination for Arab and foreign investors. That is due to the safe and attractive investment environment it provides for business.

Sharjah is also keen on continuously supporting its real estate sector and strengthening its position as a preferred environment for investment. This has been reinforced by the fact that its real estate sales reached about AED13.4 billion in the first half of 2023. Moreover, Sharjah recorded a value of real estate transactions amounting to AED7.2 billion in October and November 2023.

Read: Bahrain launches AI powered real estate data bank platform

We the UAE 2031

GlobalData, a British consulting and data analysis company, expects the real estate sector in the UAE to maintain its strong performance with a growth rate of 3.3 percent in 2023 and 4 percent in 2024. The sector’s growth is supported by public and private sector investments. Hence, Sharjah is building major development projects in the transportation, energy, tourism, and housing sectors.

GlobalData also expected that the UAE construction sector would record an annual growth of 3.9 percent from 2025 to 2027. Its growth is supported by investments in infrastructure, renewable energy, housing, industrial, and tourism projects. The ‘We the UAE 2031’ vision will also contribute to enhancing support for the sector by implementing a series of development and economic projects. The projects are part of the government’s goals to double the UAE’s GDP from AED1.5 trillion in 2022 to AED3 trillion by 2031.

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