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UAE real estate breaks records with dependable off-plan sales in 2023

Off-plan sales drove growth in the real estate market in both Dubai and Abu Dhabi, with the former benefiting more from a thriving tourism sector that raised home demand

A robust off-plan market that smashed annual records helped Dubai and Abu Dhabi surpass 455.7 billion UAE dirhams (USD 124 billion) in real estate sales in 2023.

According to data published by Property Finder, a real estate portal with operations in the United Arab Emirates, Dubai saw a record number of sales transactions in 2023, totalling AED 411.74 billion, up 56% over the previous year.

Similar to this, Abu Dhabi saw total transaction values of AED 44 billion, a 120% rise from AED 19.9 billion the year before.

Dependable Off-plan Market

According to the survey, off-plan sales drove growth in the real estate market in both Dubai and Abu Dhabi, with the former benefiting more from a thriving tourism sector that raised home demand.

In 2023, off-plan sales in Dubai saw a value of AED 160.46 billion, up from AED 93 billion in 2022—a 72.3% rise. Three-quarters of the overall transaction value came from off-plan trades.

Off-plan sales in the emirate increased to 68,783 transactions in 2023 from 43,151 in 2022, a 59.4% increase and the greatest yearly performance for the off-plan sector to date.

With a 20.72% year-over-year rise, existing sales in Dubai reached 64,351 transactions, up from 53,308 in 2022—the greatest year performance ever.

According to the research, Marsa Dubai, Palm Jumeirah, A Merkadh, and Business Bay recorded the highest off-plan sales in 2023, with Burj Khalifa experiencing the only decline in the overall value of off-plan transactions—-15%—when compared to 2022.

Abu Dhabi’s off-sales segment saw a similar trajectory in 2023, reaching AED 35.57 billion and accounting for 81% of the emirate’s overall sales transaction value. This represented a 174% rise over 2022, when AED 12.98 billion, or 65% of the entire value, was the overall sales transaction value.

In 2023, popular neighbourhoods for apartments were Al Reem Island, Yas Island, Al Raha Beach, and Khalifa City; for villas, the most sought-after locations were Saadiyat Island, Al Reef, and Al Reem Island.

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