Growth in the UAE's property market will continue for the remainder of the year thanks to the country's economic momentum, according to Abu Dhabi Islamic Bank's chief financial officer.

"I think we haven't reached the peak yet," said Mohamed Abdel Bary to The National.

"There's still going to be a lot of traction, just looking at the demand and supply and activity in the market."

Although there may be a property market growth slowdown in 2024, "this year, I think the positive action will continue," he went on to say.

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

In Q1, Abu Dhabi registered 5,472 property transactions worth Dh27.9 billion ($7.6 billion), as per recent data from the Department of Municipalities and Transport.

Between January and March, the value of the deals more than doubled, whilst transaction volume – including mortgages and property sales – increased by 66%.

The value of property sales tripled to Dh16.2 billion, whilst mortgage deals rose 70% to Dh11.7 billion, according to the data.

Elsewhere in Dubai, real estate prices increased in June at their strongest pace since 2014 as demand continued to soar.

Furthermore, the average price for residential units in Dubai rose by an annual 16.9%, an increase from 15.9% year-on-year, from May, according to CBRE's latest Dubai Residential Market Snapshot report.

During the first half of the year, there were 42,583 real estate units registered in Dubai. Over this time, 47,187 units were sold worth Dh96 billion, along with 5,546 villas worth Dh15 billion, according to the Dubai Media Office.

The robust property market reinforces the UAE's strong economic fundamentals and ongoing growth momentum since rallying from the pandemic slowdown.

In 2022, the UAE economy rose by 7.9%, an 11-year high, after reaching 4.4% in 2021, fuelled by the non-oil sector.