Asteco 2023 Q4 Report: UAE real estate market surges amid global uncertainties

Asteco 2023 Q4 Report: UAE real estate market surges amid global uncertainties

Abu Dhabi – According to the Asteco 2023 Q4 real estate report, the UAE market witnessed unprecedented growth during 2023 despite the various global challenges. The report anticipates continued positive trajectory over 2024. Key strategic initiatives, including the UAE Tourism Strategy 2031 and 'We the UAE 2031,' are expected to fortify the UAE's standing as one of the premier destinations globally.

2023 Highlights

In 2023, record-breaking figures were observed in terms of individual unit sales values, transactional volumes and project launches. The luxury market attracted significant attention, showcasing some of the most remarkable transactions to date.

The surge in transitioning annual leases into short-term rental properties for short-term gains and the lag in new deliveries stemming from Covid related development delays have amplified the supply-demand dynamics at play, and ultimately resulted in heightened rental pressure.

Whilst Dubai has remained a focal point of attention, other emirates including Abu Dhabi, Sharjah and Ras Al Khaimah, asserted their presence in the real estate sector, marked by a substantial surge in new project launches.

Aldar's strategic entry into the Dubai market through the introduction of Haven, coupled with its ongoing expansion into Ras Al Khaimah, served as tangible evidence of vibrant market conditions prevailing throughout the UAE.

Abu Dhabi