Abu Dhabi property deals more than double to $12.61bn in first half of 2023

The emirate recorded 10,557 real estate transactions, with Saadiyat Island the most popular site

Yas Island recorded Dh2.6 billion worth of property transactions in the first half of 2023. Victor Besa / The National

Abu Dhabi recorded 10,557 real estate transactions worth Dh46.33 billion ($12.61 billion) in the first half of 2023 amid strong demand from buyers.

The value of the deals more than doubled during the six-month period, while the volume of transactions, which include property sales and mortgages, rose by 41 per cent on an annual basis, the Abu Dhabi media office reported on Monday, citing data from the Department of Municipalities and Transport (DMT).

The emirate recorded 6,730 real estate sale and purchase transactions valued at Dh25.09 billion during the period. There were also 3,827 mortgage transactions with a total value of Dh21.24 billion.

"Abu Dhabi's real estate market continues to thrive, showcasing a resilient and optimistic investor sentiment,” Dr Adeeb Al Afifi, executive director of the property sector at DMT said.

The latest figures “reaffirm the enduring appeal and solid growth potential of our market, positioning Abu Dhabi as an attractive destination for local and global investors.”

Domestic investors, as well as those from the GCC and other countries, are continuing to buy into Abu Dhabi’s property market, the Abu Dhabi Media Office said.

The UAE property market has bounced back strongly from the coronavirus pandemic thanks to government initiatives, higher oil prices and other measures to support the economy.

Global high net worth individuals plan to spend $2.8 million on average on Abu Dhabi property amid strong economic growth and world class infrastructure, a survey has found.

About 58 per cent of HNWIs are prepared to allocate more than $1 million to a property in Abu Dhabi, with the average allocated budget being $2.8 million, according to the report by global property consultancy Knight Frank.

East Asian buyers have a higher spending propensity, with many prepared to spend more than $5 million to buy Abu Dhabi property, the consultancy said last month.

Saadiyat Island topped the list in terms of the number and value of property transactions, which totalled Dh3 billion in the first half of this year. Yas Island was in second place with Dh2.6 billion worth of transactions.

This was followed by Al Reem Island with Dh2.4 billion, Al Jubail Island with Dh1.5 billion and Al Shamkha City reporting deals totalling Dh1 billion.

“As we enter the second half of 2023, we expect to see significant investment opportunities, particularly with the introduction of several new projects that will boost Abu Dhabi's real estate market,” Mr Al Afifi said.