UAE real estate market in third quarter: Dubai leads, Abu Dhabi demand persists

The real estate assets in the United Arab Emirates continue to show impressive growth and increased demand for both completed properties and new builds. Property Finder, the premier real estate portal in the Middle East and North Africa, recently announced the results of its recent Market Watch report for the third quarter of 2023, noting sustained buyer interest and record transaction volumes in both Dubai and Abu Dhabi.

According to the official Mo-Asher Real Estate Sales and Price Index developed by the Department of Land Registry in Dubai (DLD) in association with Property Finder, the overall quarterly sales index for the third quarter of 2023 was 1.554 and the index price was AED 1,429,187 (AED). The index''apartment sales index amounted to 1.676 with an index price of 1,390,272 AED, while the villa/townhouse sales index amounted to 1.443 with an index price of 2,473,730 AED. The index continues to increase in all categories. Year-on-year, the overall index increased by 12.4%, from 1.383 in the third quarter of 2022 to 1.554 in the third quarter of 2023.

The Property Finder report also indicated that there were 31,181 transactions in Dubai compared to 25,400 in the third quarter of 2022, which''to purchase apartments in Al Reem Island, Yas Island, Al Raha Beach, Saadiyat Island and Masdar City.

Speaking about the progress for the third quarter of 2023, Cherif Sleiman, CEO of Property Finder, highlighted the growing interest in new construction, investor confidence and rising demand for real estate. The company remains dedicated to monitoring all trends in the market to provide accurate data and build confidence among buyers.