In the dynamic landscape of the United Arab Emirates (UAE), the real estate sector soared to new heights in 2023, making significant strides and reinforcing the country’s prominence as a global powerhouse in real estate and construction. A standout achievement was witnessed in Abu Dhabi, where residential transactions exhibited an impressive 56 percent annual growth, amassing a substantial value of AED67.8 billion within the first nine months of the year. Notably, this surge was complemented by a 3.9 percent annual acceleration in sales prices during the month of October.

Dubai, a perennial hub of real estate activity, experienced a robust 37 percent annual increase in the value of real estate transactions, surpassing an impressive AED500 billion ($136.2 billion) in the first ten months of 2023. The sector’s vitality was further evident in the surge of real estate transactions, totaling over 116 thousand in the initial three quarters, marking a 36 percent annual rise.

Within Abu Dhabi, the real estate sector demonstrated resilience and strength, achieving property sales totaling AED50 billion since the commencement of the year. This noteworthy accomplishment translates to sales encompassing more than 14,000 real estate units. Simultaneously, the real estate market in Dubai thrived, with sales approaching an impressive AED400 billion during the same period.

Beyond the well-established real estate markets of Abu Dhabi and Dubai, the emirate of Sharjah emerged as a key player, attracting both Arab and foreign investors. Sharjah’s appeal lies in its safe and attractive investment environment, fostering business growth. The emirate continues its commitment to fortifying the real estate sector, evident in real estate sales reaching approximately AED13.4 billion in the initial half of 2023. Additionally, Sharjah recorded a value of real estate transactions amounting to AED7.2 billion in the months of October and November 2023, underscoring its position as a preferred investment destination in the region.