Abu Dhabi Q1 real estate deal value grows three-fold to $3.2bln

Abu Dhabi Q1 real estate deal value grows three-fold to $3.2bln

Abu Dhabi's real estate sector has registered solid growth for the first three months with its sales transaction value growing three-fold to hit AED11.602 billion ($3.2 billion) from AED3.633 billion last year, according to industry expert Property Finder.

Additionally, Abu Dhabi’s off-plan market maintained a positive momentum recording 1,345 off-plan sales transactions in Q1 2023 as compared to 713 transactions in Q1 2022, representing 66.4% of the total transactions compared to 51.6% of the total transactions in Q1 2022, stated Property Finder in its latest Market Watch Report for Q1 2023.

The property sector stands at the brink of transformation supported by the growth of stronger PropTech ecosystems, hence recording notable jumps in sales with high-value transactions, higher returns and evolving consumer choices, it stated.

Property Finder has in its findings recorded key transaction trends and insights for Abu Dhabi and Dubai’s rapidly evolving real estate sector.

A major trend witnessed by the industry experts is the rise of greener choices among potential investors and residents looking for new homes with Masdar City emerging as one of the most searched areas in Abu Dhabi.

The average price for one, two and three-bedroom apartments in Masdar City in Q1 stood at AED745,000, AED 1.1 million and