Abu Dhabi records Dhs71.5bn of real estate transactions in 2021
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Abu Dhabi records Dhs71.5bn of real estate transactions in 2021

Abu Dhabi records Dhs71.5bn of real estate transactions in 2021

There were a total of 14,958 sales and mortgage transactions, with Yas Island topping the list with Dhs4.1bn in real estate deals

Abu Dhabi real estate

Abu Dhabi has registered real estate transactions worth Dhs71.5bn in 2021, according to a report by the Department of Municipalities and Transport (DMT) – Abu Dhabi.

This represents a combined figure of 14,958 sales and mortgage transactions, with Yas Island topping the list of best performing areas with Dhs4.1bn in real estate deals.

Reem Islands came in second with Dhs3.2bn in real estate deals, followed by Saadiyat at Dhs2.5bn.

“The new results reflect Abu Dhabi’s sustainable real estate development and ongoing attractiveness as a leading city for investment and living,” said Dr Adeeb Alafeefi, executive director of DMT Real Estate Sector.

Meanwhile Aldar Properties, Abu Dhabi’s biggest developer, reported revenues of Dhs8.58bn, up 2 per cent year-on-year and a net profit of Dhs2.33bn, that was also 21 per cent more than the pervious year.

Aldar Development reported sales of Dhs1.1bn in the fourth quarter, bringing the year’s total sales to Dhs7.2bn.

Earlier this year, Aldar entered into an agreement with Diamond Developers, to form a JV for the development of The Sustainable City – Yas Island. Construction of the Dhs1.8bn project is scheduled to commence in Q4 2022, with a 30-month completion target.

The community will span an area of 397,000 sqm in Yas North area of the island in Abu Dhabi. It will comprise of 864 townhouses and apartments, as well as 3,000 sqm of retail space.

Last year, Aldar also awarded development projects valued at Dhs8.5bn to UAE-based companies. These contracts covered infrastructure, residential, commercial and mixed-use projects in Abu Dhabi.

Read: Abu Dhabi’s Aldar awarded development project contracts worth Dhs8.5bn in 2021

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