Abu Dhabi real estate deals exceed $3bln in in first quarter of 2021

Al Reem Island came in the first place with the highest value in terms of total sales

  
Early morning view of Al Reem island from Abu Dhabi island, capital city of the United Arab Emirates. Image used for illustrative purpose.

Early morning view of Al Reem island from Abu Dhabi island, capital city of the United Arab Emirates. Image used for illustrative purpose.

Getty Images/ Richard Sharrocks

ABU DHABI: The Department of Municipalities and Transport- Abu Dhabi said real estate transactions in the emirate amounted to AED11.5 billion during the first three months of 2021.The recorded value included approximately 3,847 lands, buildings, and unit deals.

According to department's first report this year, the value of real estate transactions amounted to around AED5 billion, comprising 1,755 transactions, while the value of mortgages exceeded AED6.5 billion generated from 2,092 transactions.

Al Reem Island came in the first place with the highest value in terms of total sales – at about (AED 1.6 billion) – followed by Abu Dhabi Island with (AED 907 million). Yas Island came in third place in terms of total sales (AED 649 million) followed by Saadiyat Island (AED 446 million), Khalifa City (AED 225 million), Al Raha Beach (AED 196 million), while sales were distributed in various other regions in Emirate of Abu Dhabi.

Real estate sales during the first 2021 quarter were distributed across land, buildings and units. Lands acquired 66% of the total sales during the first quarter with a value of AED3.3 billion made through 777 transactions, while the share of real estate units in the total sales value during the same period totalled 34% with sales and were valued at AED 1.7 billion, covering 978 transactions.

While lands comprised the vast majority of mortgages with a value of AED 6.2 billion (96% of the total value), the share of real estate units in the total value of mortgages accounted for 4%, equating to around AED 242 million and 156 transactions. Mortgages exceeded AED 6.5 billion, reflecting banks confidence in Abu Dhabi’s real estate market with a positive outlook.

Dr Adeeb Al Afeefi, Executive Director of the Real Estate Sector in the Department of Municipalities and Transport, said: "We are fully confident that our long-term approach will contribute to Abu Dhabi's success and strategy, which has set an outstanding global example on how to overcome the economic, health and social challenges imposed by last year's pandemic." He added: "Working closely with our stakeholders and partners across public and private sectors, enabled us to plan and execute sustainable initiatives and procedures in our market. Led by our leadership vision and support, these developments will ensure creating an attractive investment environment aligned with Abu Dhabi Plan and the Abu Dhabi Government Accelerator's Program 'Ghadan 21’ through more stimulus packages and opportunities."

© Copyright Emirates News Agency (WAM) 2021.

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