The real estate sector in the UAE maintains its strong performance in the first quarter (Q1) of 2023, benefiting from the increase in domestic demand and foreign direct investment in this sector, Invest-Gate reports.

According to a report by the Central Bank of the UAE, the average residential square meter price in Abu Dhabi records an increase of 1.5% year-on-year (YoY) in Q1 2023.

In Abu Dhabi, property prices fall during the six months that ended March 31, 2023, while average rents declines by 1.5% YoY in the first three months of 2023, resulting in a flat rental yield of 6.4%.

The real estate market in Dubai continued its strong performance during Q1 2023 on the back of strong demand in both the residential and commercial sectors.

The latest figures reveal that real estate transactions in Dubai increased by around 80% in value and 49% in number compared to the same period in the previous year.

Off-plan sales in Dubai surged particularly in the luxury real estate sector, indicating strong demand from both investors and end users.