Abu Dhabi real estate transactions reach Dhs23.5bn in H1 2021

The Department of Municipalities and Transport (DMT) has announced that real estate transactions in Abu Dhabi reached Dhs23.57bn in the first half of 2021.

The H1 recorded value was achieved through 7,046 transactions, including transactions and mortgages of land, buildings and real estate units of all kinds.

The department’s report added that the real estate sector in the emirate recorded 3,425 real estate sales transactions worth Dhs9.02bn, and 3,621 mortgage transactions worth Dhs14.55bn.

Al Reem Island ranked first with the highest value in terms of total sales at Dhs2.07bn, followed by Yas Island with total sales of Dhs1.61bn, Saadiyat Island in third place with Dhs1.36bn, followed by Khalifa City at Dhs388m and Al Raha Beach at Dhs316m, with the rest of sales distributed across other regions in the emirate.

Dr. Adeeb Al Afeefi, executive director of the Real Estate Sector at DMT, said that the emirate’s real estate market recorded remarkable growth this year, despite the recent changes in the global markets.

Real estate transactions within the emirate of Abu Dhabi in the first three months of 2021 amounted to Dhs11.5bn.

The DMT said on Wednesday that it has recorded a total reduction of 22.5 per cent in service charges for completed real estate projects the emirate since January 2020, amounting to savings of Dhs138m for property owners and investors.

Service charges fell by 13.5 per cent in 2020, and 9 per cent to date in 2021, following the introduction of an approval process for service charges, as part of its efforts to ensure a transparent and well regulated real estate investment environment.