During the first quarter of this year, the real estate market in the UAE emirates, Dubai and Abu Dhabi, experienced a significant surge in home sales. This growth can be attributed to immigration reforms and a reduction in the cost of purchasing real estate to obtain a “golden visa” in the country.
The total value of transactions reached a new milestone, amounting to AED 528 billion, marking a remarkable 77% year-on-year increase. Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum hailed the exceptional achievements of the real estate market last year. In a statement released by the Dubai Media Center in January, it was revealed that the country recorded 122,658 real estate deals in 2022, representing a substantial 44.7% rise compared to the previous year.
ABU DHABI’S PROPERTY MARKET OVERVIEW
According to the recently released “Market Watch Report” by Property Finder, the total value of real estate transactions in Abu Dhabi has more than tripled in the first quarter of 2023, reaching AED 11.6 billion ($3.15 billion) compared to AED 3.6 billion during the same period last year.
The volume of off-plan property transactions has also experienced a significant increase, rising from 713 in the first quarter of the previous year to 1,345.
Rental prices in the capital have seen an upward trend as well. Apartment rents in the first quarter rose by 7%, while villa rents increased by 2%.
SOUGHT-AFTER AREAS FOR HOME BUYING IN ABU DHABI
Masdar City has emerged as one of the most popular areas in Abu Dhabi, with average prices for one-, two-, and three-bedroom apartments being AED 745,000, AED 1.1 million, and AED 1.8 million, respectively.
Buyers have also shown a preference for purchasing properties on the following islands:
- Al Reem
- Al Raha Beach
In the first quarter of 2023, apartment prices on these islands saw a 7% increase.
Recent data indicates that Yas, Saadiyat, Al Reef, and Al Reem are the most sought-after islands for affordable villas and townhouses.
DUBAI’S PROPERTY MARKET OVERVIEW
According to the Dubai Media Center, the total value of real estate in Dubai reached AED 157 billion in the first quarter of 2023, marking an 80% increase.
The number of registered sales transactions amounted to 30,952, indicating a 52% rise compared to the same period last year. Property Finder attributes this situation to the surge in off-plan property sales, which almost doubled during this period, reaching 15,948 transactions.
The average apartment prices witnessed a year-on-year increase of 25%, while villa prices grew by 16% within three months.
IN-DEMAND AREAS FOR HOME BUYING IN DUBAI The most popular areas for buying apartments in Dubai include:
- Business Bay
- Downtown Dubai
- Dubai Marina
- Jumeirah Village Circle
- Palm Jumeirah
In the villa sector, there has been an increased demand for properties in:
- Dubai Hills Estate
- Palm Jumeirah
- Arabian Ranches
- Damac Hills
- Mohammed bin Rashid City
Furthermore, apartment rental prices in Dubai rose by 18%, while villa rental prices experienced a significant increase of 29%.
- All Emirates Passengers Can Now Avail of Free Wi-Fi Connectivity Onboard - May 19, 2023
- Dubai to Host the INTA Annual Meeting in 2026 - May 19, 2023
- Habtoor Tower to Be World’s Largest Residential Building - May 18, 2023