Abu Dhabi’s property market reeled in AED 52 bnin sales in 2023,divided across the off-plan and secondary market sectors, according to Bayut’s Abu Dhabi Annual Sales Market Report 2023. The report forecasts Abu Dhabi’s property market will continue to grow this year, owing to rising demand and attractive pricing schemes from suppliers.

Off-plan properties accounted for over 10k transactions in 2023, collectively valued at AED 36 bn, according to the report, indicating a rise in investor confidence in Abu Dhabi’s housing market. Unbroken apartment projects Plaza by Reportage, Reeman 1, and Bloom Living were the most sought-after affordable sites, while island community developments Yas Bay, City of Lights, and Saadiyat Cultural District were popular among luxury buyers.

Some 4k ready properties were sold, on the other hand, amounting to AED 16 bn, according to Bayut. Apartments at Al Reef, Al Ghadeer, Khalifa City, and Hydra Village Al Reef were the top choice among budget-conscious buyers. Luxury apartments at Al Reem Island, Yas Island, and Saadiyat Island were the most sought-after among high-net-worth individuals.

The luxury segment got more expensive,with the price per sq ft increasing by up to 13% y-o-y in 2023 for both high-end apartments and villas. Luxury apartments at Saadiyat Island witnessed the most drastic price increase, 8.7% higher y-o-y, while villas at Saadiyat Island climbed 12.9% y-o-y in terms of price per square foot.

Meanwhile, affordable apartments became slightly more affordable: Non-luxury apartments saw a 2.1% y-o-y decrease in price per sqft, though villas’ price per square foot jumped approximately 4% y-o-y.

ICYMI- The property market saw a 10.4% y-o-y increase in house prices in 2023, according to IMF data. You can read our deep dive into the reasons behind the property price boom here.

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