Coming from a strong fourth quarter in 2022, transactions during the first quarter 2023 were expected to be slightly influenced by the holy month of Ramadan which began during the third week of March. These quiet period when investors in the residential property market is likely take a break from big spends, reflected in a lower quarterly transactional activity.

Albeit, sale prices remained relatively stable QoQ for most areas. At the same time, citywide rents were steady in most apartment and villa locations except for Al Saadiyat Island villa lease rates moving on a much more favourable direction. There were no notable completions within the city’s main investment areas. However, noteworthy projects announced included The Sustainable City Yas Island, Manarat Living Al Saadiyat Island and Reeman Living, to name a few. During the quarter, Aldar Properties announced the acquisition of Fahid Island for AED 2.5 billion. Abu Dhabi City was announced as the safest city in the world for 2023 which could likely attract foreign investors to live and work in the city. This could result to increase in property transactions in the short to medium term.

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