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Abu Dhabi real estate deals soar to new high of $18.5bn

Abu Dhabi recorded transactions from 6,494 newly registered resident investors and 630 non-resident investors in the first nine months of 2023 Wam
Abu Dhabi recorded transactions from 6,494 newly registered resident investors and 630 non-resident investors in the first nine months of 2023

Real estate transactions in Abu Dhabi hit a new high of AED 67.76 billion ($18.45 billion) in the first nine months of 2023, propelled by rising demand from local and international investors.

Buying, selling and mortgage activities across the real estate sector rose 56 percent year on year, Abu Dhabi Media Office reported, citing data from Abu Dhabi Real Estate Centre, an affiliate of the Department of Municipalities and Transport.

Total number of transactions jumped 36 percent year on year to 16,170 from January to September.

The emirate recorded transactions from 6,494 newly registered resident investors and 630 non-resident investors, up 70 percent and 124 percent year on year, respectively.

“The Abu Dhabi real estate market demonstrates consistent and sustainable growth. This year’s significant growth compared to 2022 solidifies the emirate’s continuous progress and expansion,” said Adeeb Al Afifi, executive director of the real estate sector at the Department of Municipalities and Transport.

Abu Dhabi’s non-oil economy hit a nine-year high in the second quarter of this year, driven by expansion in the construction, manufacturing and financial sectors.

The centre estimated that the construction sector grew by 19 percent year on year in Q2. Its contribution to total GDP rose to almost 9 percent. Abu Dhabi reported a 363 percent rise in real estate deals with foreign buyers in the first half of 2023.

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