The real estate sector in Abu Dhabi has witnessed more than 10,000 property transactions in the first half of the year, thus generating a total of Dh31 billion ($8.4 billion) across the emirate, according to the Department of Urban Planning and Municipalities (DPM).

A total of 6,374 property transactions were generated valued at more than Dh12.5 billion, stated the DPM in its first biannual report on real estate transactions in Abu Dhabi for the first half.

The volume of mortgage transactions reflects the confidence of banks in the sector, with 3,712 mortgage transactions worth over Dh18.5 billion, it stated.

In terms of geographic locations where sales activity was the most dynamic, Al Reem Island topped the list with transactions worth more than Dh4.371 billion, followed by Al Reef area with Dh1.788 billion and Yas Island with Dh1.597 billion, said the DPM report.

Al Shamkha City with transactions worth Dh636 million was fourth on the list followed by Khalifa City with Dh357 million of transactions and Al Faqa Area with Dh211 million of transactions.

In line with the emirate’s vision to become one of the best places in the world to do business, invest, work, live, and visit, the Abu Dhabi government had in April modernised real estate laws to allow foreigner ownership of freehold property in designated investment zones.

The change is designed to support and develop the business environment, increasing foreign direct investment and evolving Abu Dhabi’s economy into one that is even more dynamic, it added.

Falah Al Ahbabi, the chairman of the DPM, said: "These results demonstrate the buoyant real estate market in Abu Dhabi. These figures support our vision to further community happiness through sustainable urban growth and municipal services."

"We believe that these figures show investors how well the Abu Dhabi real estate market is performing; the emirate remains highly competitive in this sector, home to some of the best properties and developments across the Middle East and North Africa region," noted Al Ahbabi.

"The release of this first indicators report is a continuation of our open approach aimed at raising transparency and enhancing the ease of doing business in the real estate market. Providing information to investors, real estate developers and landowners will enhance confidence and competitiveness regionally and internationally," he added.-TradeArabia News Service