The value of real estate transactions in Abu Dhabi during Q1 2023 has increased by 147% compared to the same period last year, while the number of transactions rose by 67%.
The real estate indicators released by the Department of Municipalities and Transport (DMT)showed that the sector has recorded 3,518 property sales worth AED16.2 billion ($4.41 billion), compared to 1,722 transactions worth AED4.4 billion during the first quarter of last year, indicating an increase in the total value of property sales by 268% and an increase in the number of transactions by 104%.
In Q1 2023 the Abu Dhabi real estate sector also marked 5,511 property sales and mortgages recorded worth AED 27.9 billion, compared to 3,304 transactions worth AED11.3 billion during the same period in 2022.
“The increase in the number of transactions is also a reflection of the confidence of investors in the Abu Dhabi real estate market. The government’s continued efforts to enhance the investment environment and regulatory framework have contributed to this positive trend,” Dr Adeeb Afifi, Executive Director of the Real Estate Sector at DMT,” said.
The percentage of non-resident investors during this period was 10.71% , a 75% increase from the 6.10% of non-resident investors in the first quarter of last year.
Article Source: www.zawya.com