Real Estate Market Watch Report Shows Record Growth in Dubai and Abu Dhabi

The United Arab Emirates' real estate sectors have witnessed substantial progress in 2023. Dubai's off-plan market set a new annual record, with sales transactions reaching AED 411.74 billion, a 56% increase from 2022. Abu Dhabi's off-plan sales also saw a significant surge, with transactions increasing by 75% compared to the previous year. The ready/existing properties segment in both Dubai and Abu Dhabi also performed well, with Dubai's existing sales reaching a new high and Abu Dhabi's ready property transactions growing by 26%. Preferred neighborhoods in Dubai and Abu Dhabi continued to attract strong demand, with areas like Dubai Marina, Downtown Dubai, and Al Reem Island remaining popular choices for apartment buyers and renters. The Property Finder report highlights the sustained progress and the emergence of new trends in the UAE's real estate market, driven by increased transactions, stronger foreign confidence, and a robust demand-supply dynamic.