ABU DHABI - The Department of Municipalities and Transport (DMT) revealed that the UAE capital's real estate market recorded 3,304 transactions, reaching a value of $1.18bln in the first quarter of 2022.
The department's quarterly report revealed that the transactions included the buying, selling, and mortgages of all types of lands, buildings, and real estate. According to the real estate trading index published by DMT, the real estate sector in the emirate recorded 1,722 real estate purchase and sale transactions worth AED4.35 billion and 1,582 mortgage transactions worth AED6.9 billion.
Yas Island topped the list with AED1.2 billion in real estate transactions, followed by Al Saadiyat Island in second place with AED673 million. With AED598 million, Al Reem Island came in third, Khalifa City came in fourth with AED173 million, and the Al Raha Beach area came in fifth with AED168 million. And finally, Al Shamkha came in sixth with AED150 million worth of real estate transactions.
Dr. Adeeb Al Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, said, "With steady and sustained growth in Abu Dhabi's real estate sector, the emirate has maintained its position as one of the world's most sought-after markets and destinations for real estate investment.
"With excellent infrastructure, a diverse range of options, and world-class services, Abu Dhabi's real estate industry strengthens its position as one of the best places in the world to live, work, and visit."