ADREC reports Dhs87.1 billion in real estate transactions in ’23

The Abu Dhabi Real Estate Centre (ADREC), a dedicated affiliate of the Department of Municipalities and Transport (DMT), reveals a record-breaking total of around Dhs87.1 billion in real estate transactions for 2023.

The value of buying and selling activities surged by 159.5 per cent compared to 2022, reaching Dhs61 billion. ADREC reported this increase based on 15,653 transactions, representing a 73.7 per cent rise from 2022.

The overall buying, selling, and mortgage activities across the sector increased by 12.2 per cent compared to 2022. The reported results are based on a total of 22,751 transactions, which rose by 19.5 per cent from the previous year’s number of transactions.

ADREC also noted an increase in resident and non-resident individual investors during 2023, which reflects the diversity of Abu Dhabi’s thriving real estate sector. The Emirate saw 9,448 newly registered investors and 1,098 non-resident investors - marking significant increases of 71 per cent and 175 per cent respectively, compared to 2022.

The Abu Dhabi real estate market continues to demonstrate consistent and sustainable growth, in line with our leaders’ vision to maintain the emirate’s global appeal as a prime real estate investment destination. This year’s significant growth compared to 2022 highlights our ongoing achievements and solidifies the emirate’s alluring position, continuous progress, and future expansion.

These results reflect ADREC’s strategic mission to position Abu Dhabi as a global real estate destination and lead the growth of its entire real estate ecosystem. They also demonstrate the strength and potential of the emirate’s real estate sector, which continues to attract both local and international investors, making it a sought-after destination for real estate investment on a global scale. ADREC is tasked with ensuring that Abu Dhabi’s real estate market is the destination of choice for regional and international capital investment, further solidifying its position in the global real estate landscape.

The Abu Dhabi Real Estate Centre has recently signed a Memorandum of Understanding (MoU) with two leading real estate portals, Bayut and Dubizzle and Property Finder, to enhance transparency, efficiency, and decision-making in Abu Dhabi’s real estate sector.

Rashed Al Omaira, ADREC Acting Director General, said, “We are pleased to sign these two MoUs with our partners. This move reflects ADREC’s belief in the importance of forging partnerships with both the public and private sectors, aiming to contribute to the development of an integrated system that serves the centre’s vision of positioning Abu Dhabi as a preferred investment destination. This entails providing innovative services, flexible legislation that aligns with sector needs, and ensuring transparent and accessible data for all stakeholders to support investment decisions.”