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

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.

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.

A report by the Department of Municipalities and Transport on the emirate’s annual real estate transactions indexes indicated that real estate sales in 2020 amounted to Dhs30bn across 8,000 transactions, while mortgages accounted for Dhs44bn. Sale of lands and buildings reached Dhs25.3bn across 4,647 transactions.

Also last year, the value of real estate mortgages amounted to Dhs44bn covering 11,000 transactions. Lands and buildings made up the majority of these transactions, with a value of Dhs42.5bn, accounting for 96.8 per cent of the total value of mortgages made through 7,730 deals while real estate units accounted for 3.2 per cent of total real estate mortgages, equivalent to Dhs1.2bn made over 933 transactions.

The Department of Municipalities and Transport data showed Khalifa City has the highest value in terms of total sales at about Dhs3.6bn followed by Yas Island with Dhs3.3bn and Al Reem Island at Dhs3bn.

Read: UAE property market will take about two years to recover – Damac boss

The department exempted individual investors and companies from 34 of real estate registration fees until the end of 2020 including 2 per cent sale and purchase fees, 2 per cent off plan sale fee and land exchange fees, mortgage registration, mortgage transfers, mortgage amendments and mortgage redemption.

Abu Dhabi’s neighbouring emirate of Dubai meanwhile said on Wednesday that its real estate market recorded 3,300 sales transactions worth Dhs6.74bn in January 2021, a growth of 15.5 per cent in terms of transaction numbers and 37 per cent in terms of value compared to January 2020.