Total real estate sales in Dubai and Abu Dhabi top $124bln in 2023

Total real estate sales in Dubai and Abu Dhabi top $124bln in 2023

Real estate sales in Dubai and Abu Dhabi collectively crossed 455.7 billion UAE dirhams ($124 billion) in 2023, boosted by a robust off-plan market that broke annual records, according to a new study. Data released by Property Finder, a UAE-based real estate portal, revealed that Dubai witnessed an annual record in total sales transactions, valued at AED 411.74 billion in 2023, marking a 56% year-on-year increase from 2022. Similarly, Abu Dhabi witnessed total transaction values amounting to AED 44 billion, marking a 120% increase from AED 19.9 billion in the previous year. Robust off-plan market Off-plan sales pushed growth in the real estate sector across Dubai and Abu Dhabi, with the former benefiting further with a flourishing tourism industry, which contributed to a heightened housing demand, the report stated. Off-plan sales in Dubai reached AED 160.46 billion in value in 2023 compared to AED 93 billion in 2022, registering around a 72.3% increase. The off-plan transactions contributed to 39% of the total transaction value. The emirate saw off-plan sales surge to 68,783 transactions in 2023, up from 43,151 in 2022, marking a 59.4% increase and establishing the highest-ever annual performance for the off-plan market. Existing sales in Dubai surged to