RIYADH: In a significant stride for the UAE’s property market, Abu Dhabi’s real estate sector recorded a 363 percent year-on-year increase in foreign direct investments in the first half of 2023 to reach 834.6 million dirhams ($227 million). The regions with the highest shares of FDI included Saadiyat Island at 34 percent, Yas Island at 28 percent, and Al Jurf at 12 percent. Al Reem Island claimed an 11 percent share, whil Al Shamkha recorded 8 percent, according to the Emirates News Agency, also known as WAM, citing data from Abu Dhabi’s Department of Municipalities and Transport. “We are thrilled to announce the remarkable surge in foreign direct real estate investments in Abu Dhabi. The astounding 363 percent growth witnessed during the first half of this year is a testament to the emirate’s exceptional appeal to foreign investors,” Adeeb Al-Afifi, executive director of the real estate sector at the department, said. He added: “This includes its strategic location, world-class infrastructure, and supportive economic and legislative environment, all of which have contributed to enhancing the emirate’s position as a preferred destination for individuals of all nationalities to invest, live and work.” Al-Afifi further stated that Abu Dhabi’s investment climate is bolstered by incentives and robust frameworks which have stimulated an environment for foreign investors to pursue promising prospects in the market. Moreover, Dubai’s real estate sector also witnessed growth in the second quarter of the year with an increase of 37 percent in transactions compared to the same period of 2022, according to the latest Dubai Land Department data published by Better Homes. The report indicated that transactions reached 27,215 in the second quarter, with the total value of properties sold touching 69.8 billion dirhams. In terms of property type, apartment transactions in Dubai increased by 57 percent in the second quarter of 2023 compared to the same period last year, while villa and townhouse transactions decreased by 9 percent. Due to a decrease in off-plan villa transactions, the total value of townhouse and villa properties sold decreased by 10 percent quarter on quarter. In comparison, apartments increased by 5 percent in the same period. Dubai Production City recorded the highest growth in apartment prices, up 23 percent quarter on quarter, followed by Living Legends and Al-Habtoor City, which increased by 21 and 13 percent, respectively. Jumeirah Islands saw the fastest growth in villa prices, up 13 percent quarter on quarter and 32 percent year on year.