Abu Dhabi records Dhs11.5bn real estate transactions in Q1 2021

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

The figures released by the Department of Municipalities and Transport – Abu Dhabi stated that the transactions were carried out across approximately 3,847 buildings, lands parcels and unit deals. The value of mortgages exceeded Dhs6.5bn generated from 2,092 transactions.

Al Reem Island recorded the highest value in terms of total sales of around Dhs1.6bn, followed by Abu Dhabi Island with Dhs907m.

Yas Island came in third in terms of total sales at Dhs649m, followed by Saadiyat Island at Dhs446m, Khalifa City at Dhs225m, and Al Raha Beach at Dhs196m.

Lands parcels accounted for 66 per cent of the total sales during the first quarter with a value of Dhs3.3 billion made through 777 transactions, while the share of real estate units in the total sales value during the same period totalled 34 per cent with sales and were valued at Dhs1.7bn accounting for 978 transactions.

While lands comprised the vast majority of mortgages with a value of AED 6.2bn (96 per cent of the total value), the share of real estate units in the total value of mortgages accounted for 4 per cent, equating to around Dhs242m and 156 transactions. Mortgages exceeded Dhs6.5bn, reflecting willingness among financial institutions to support investment in Abu Dhabi’s real estate market.

“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’s 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,” said Dr Adeeb Al Afeefi, executive director of the Real Estate Sector in the Department of Municipalities and Transport.

The value of real estate transactions in Abu Dhabi totalled Dhs74bn in 2020, up 28 per cent compared to the previous year which recorded a value of Dhs58bn.

Read: Value of real estate transactions in Abu Dhabi totalled Dhs74bn in 2020, up 28% y-on-y

In 2020, there were 19,000 transactions executed, including sales and mortgages of land, buildings and real estate units for all types of land use.