ABU DHABI: The Department of Municipalities and Transport – Abu Dhabi provided that the property deals in the emirate worth AED11.5 billion during the initial three months of 2021. The registered value contained about 3,847 lands, buildings, and unit deals.
As per the department’s initial report this year, the value of real estate deals cost about AED5 billion, containing 1,755 deals, while the value of home loans exceeded AED6.5 billion generated from 2,092 deals.
Al Reem Island came in the first place with the highest value regarding total deals – at about (AED 1.6 billion) – then comes Abu Dhabi Island with (AED 907 million). Yas Island came in third place regarding total sales (AED 649 million) then comes Saadiyat Island (AED 446 million), Khalifa City (AED 225 million), Al Raha Beach (AED 196 million), while deals were distributed in different other regions in Emirate of Abu Dhabi.
Real estate deals during the first 2021 quarter were distributed over land, buildings, and units. Lands acquired 66% of the whole deals during the first quarter with a cost of AED3.3 billion made through 777 deals, while the share of real estate units in the total deals value during the same period totaled 34% with deals and were costed at AED 1.7 billion, acquiring 978 deals.
While lands acquired the vast majority of home loans with a cost of AED 6.2 billion (96% of the total value), the share of real estate units in the total value of home loans accounted for 4%, counting to about AED 242 million and 156 deals. Home loans surpassed AED 6.5 billion, showing banks confidence in Abu Dhabi’s real estate market with a positive outlook.
Dr. Adeeb Al Afeefi, Executive Director of the Real Estate Sector in the Department of Municipalities and Transport, said: “We are fully confident that our long-term approach will contribute to Abu Dhabi’s success and strategy, which has set an outstanding global example on how to overcome the economic, health and social challenges imposed by last year’s pandemic.” He added: “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 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.”