{"id":88690,"date":"2024-02-05T00:00:00","date_gmt":"2024-02-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/abu-dhabis-property-market-pooled-aed-52-bn-in-sales-in-2023\/"},"modified":"2024-02-05T00:00:00","modified_gmt":"2024-02-05T00:00:00","slug":"abu-dhabis-property-market-pooled-aed-52-bn-in-sales-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/05\/abu-dhabis-property-market-pooled-aed-52-bn-in-sales-in-2023\/","title":{"rendered":"Abu Dhabi\u2019s property market pooled AED 52 bn in sales in 2023"},"content":{"rendered":"

Abu Dhabi\u2019s property market reeled in <\/strong>AED 52 bn<\/strong>in sales in 2023<\/strong>,divided across the off-plan and secondary market sectors, according to Bayut\u2019s Abu Dhabi Annual Sales Market Report 2023<\/a>. The report forecasts Abu Dhabi\u2019s property market will continue to grow this year, owing to rising demand and attractive pricing schemes from suppliers.<\/p>\n

Off-plan properties accounted for over 10k transactions in 2023<\/strong>, collectively valued at AED 36 bn, according to the report, indicating a rise in investor confidence in Abu Dhabi\u2019s 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.<\/p>\n

Some 4k ready properties were sold, on the other hand<\/strong>, 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.<\/p>\n

The luxury segment got more expensive<\/strong>,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. <\/p>\n

Meanwhile, affordable apartments became slightly more affordable: <\/strong>Non-luxury apartments saw a 2.1% y-o-y decrease in price per sqft, though villas\u2019 price per square foot jumped approximately 4% y-o-y. <\/p>\n

ICYMI<\/strong>- <\/strong>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<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Off-plan properties dominated sales in Abu Dhabi<\/p>\n","protected":false},"author":1,"featured_media":88691,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1565],"tags":[1360,7,25,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-abu-dhabi","tag-enterpriseam-uae","tag-investment-watch","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"0d818bc5-7193-45e5-a10c-3f849dad7f5a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/157.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Dhabi\u2019s property market pooled AED 52 bn in sales in 2023","related_issue":[88681],"teaser":"Off-plan properties dominated sales in Abu Dhabi","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.7f9b18a6-5e8d-4120-bf8a-e251f319eae9.mp3"},"yoast_head":"\nAbu Dhabi\u2019s property market pooled AED 52 bn in sales in 2023 - 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