Arab News, Thu, Mar 28, 2024 | Ramadan 18, 1445
Dubai drives UAE real estate sector to record $208bn in transactions
Saudi Arabia:
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.