Abu Dhabi and Dubai property sales soared in Q1 compared to the same time last year as the property market continues its robust rebound from the pandemic.

Total sales transactions in Abu Dhabi between January and March rose more than threefold to Dh11.6 billion ($3.15 billion) compared to Dh3.6 billion during Q1 2022, according to Property Finder’s latest market watch report.

Off-plan sales increased to 1,345 in Q1 this year, compared to 713 during the same time last year, The National reports, making up 66.4% of total transactions.

Masdar City received the most searches for property in Abu Dhabi. The findings showed; Al Reem Island, Yas Island, Al Raha Beach and Saadiyat Island were the preferred options for apartment buyers, whilst Yas Island, Saadiyat Island, Al Reef, Al Reem Island and Khalifa City were the most popular searches for luxury villas and townhouses.

“2022 ended on a good note with a heightened flow of foreign investment, and Q1 2023 ensured a sustained momentum — keeping up the trend,” Property Finder’s UAE country manager, Scott Bond, commented.

The property market in the UAE has continued its recovery from the pandemic thanks to a series of government initiatives, elevated oil prices and other measures to bolster the economy.

Last year property transactions in Dubai and Abu Dhabi skyrocketed as demand surged. In fact, the property market’s performance in Dubai was defined as “exceptional” by Crown Prince Sheikh Hamdan bin Mohammed, as deals hit a high of Dh528 billion.

Transaction values rose 76.5% annually in Dubai, whilst the number of transactions increased 44.7% year-on-year, according to a statement by Dubai Media Office.

The preferred choices for apartments were Business Bay, Downtown Dubai, Dubai Marina, Jumeirah Village Circle and Palm Jumeirah, whilst Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills and Mohamed bin Rashed City were the most popular options for villas.

“For those who are actively home searching, UAE’s real estate sector has much more to offer now than ever, with significant returns and wider options across some of the city’s top areas and future-ready communities,” Bond added.