Abu Dhabi has registered a sharp increase in the total value of real estate transactions in the emirate for the first three months which rose to Dh19.2 billion ($5.22 billion), up 22 per cent over the last year's figures of Dh15.8 billion ($4.3 billion).

 

Announcing the record Q1 deals, the Department of Municipalities and Transport (DMT) said the value of these real estate transactions rose to around Dh8.7 billion, comprising 3,613 transactions, while the value of mortgages exceeded Dh10.5 billion, involving 3,943 transactions.

 

The increase comes despite the exceptional circumstances resulting from the spread of Covid-19 – which casts a shadow over the global economy.

 

The DMT had exempted individuals and companies from 34 of real estate registration fees until the end of 2020 including 2% sale and purchase fees, 2% off plan sale fee and  land exchange fees, mortgage registration, mortgage transfers, mortgage amendments and mortgage redemption, it stated.

 

According to DMT, the real estate sales were distributed across land, buildings and units. 

Lands acquired 56% of the total sales for the three-month period with a value of Dh4.9 billion made through 1,224 transactions, while the share of real estate units in the total sales value during the same period totalled 44% with sales and were valued at Dh3.8 billion, covering 2,389 transactions.

 

The value of mortgages during the period reached Dh10.5 billion (3,943 mortgage transactions), while land comprised the vast majority of mortgages worth Dh10.3 billion (98% of the total value), while the share of real estate units in the total value of mortgages accounted for 2%, equating to around Dh200 million and 110 mortgage transactions.

 

Dr Adeeb Al Afeefi, the executive director of the real estate sector in DMT, said: "This high value of real estate trading transactions can be attributed to the direction of our wise leadership and vision to promote economic development and ensure an attractive investment environment based on the Abu Dhabi Vision 2030 and the Abu Dhabi Government Accelerator’s Program ‘Ghadan 21’ and the latest economic stimulus package where DMT waives various real estate transaction fees’."

 

Th DMT data showed Al Reem Island has the highest value in terms of total sales – at about (Dh2 billion) – followed by Saadiyat Island (Dh1.5 billion), the Reef region (Dh911 million), Yas Island (Dh837 million), Khalifa City (Dh259 million) and Al Shamkha city (Dh234 million), while sales were distributed in various other regions in Emirate of Abu Dhabi.-TradeArabia News Service