UAE’s real estate, tourism and aviation sectors stay strong – Gulf Today

UAE’s real estate, tourism and aviation sectors stay strong – Gulf Today

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The Central Bank of the UAE (CBUAE) has said that despite the continuing global uncertainty and tight monetary stances worldwide, the UAE real estate sector continued its good performance in the period from July to October 2023.

The Central Bank, in its quarterly economic review 2023, explained that in the first nine months of 2023, the value of residential transactions in Abu Dhabi increased by 56 per cent year-on-year (YoY) to Dhs67.8 billion. According to REIDIN, the average sales price of residential properties in Abu Dhabi registered a 3.2 per cent increase in Q3, 2023 compared to the same period a year ago.

In October 2023, sales price growth accelerated to 3.9 per cent YoY. Average rent continued its upward trend, marking a YoY increase of 0.8 per cent and 2.6 per cent in the third quarter and October 2023, respectively, after an increase by 0.5 per cent YoY in Q2 2023. This resulted in an average rental yield of 6.2 per cent in Q3 2023, broadly unchanged compared to 6.3 per cent in October.

Additionally, the report pointed out based on Dubai Land Department (DLD) data during the first 10 months of the year, the