ABU DHABI: The cost of real estate deals in Abu Dhabi in 2020 in whole cost AED74 billion, with 19,000 deals being accomplished, containing sales and loans of land, buildings, and real estate units for all types of land use, an increase of 28 percent in comparison to 2019, which registered a cost of AED58 billion.
Information by the Department of Municipalities and Transport on the emirate’s yearly real estate deals indexes showing that real estate transactions in 2020 costing to AED30 billion wholly 8,000 deals while loans cost AED44 billion.
Deal of lands and buildings touched AED25.3 billion as a whole 4,647 deals with real estate units at cost of AED 5 billion through 3,427 deals.
In 2020, the cost of real estate loans cost AED44 million as a whole 11,000 deals. Lands and buildings made up the majority of these deals, with a cost of AED42.5 billion, accounting for 96.8 percent of the whole value of loans made through 7,730 transactions while real estate units accounted for 3.2 percent of total real estate loans, equivalent to AED1.2 billion made over 933 deals.
Dr. Adeeb Al Afeefi, Executive director of the Real Estate Sector in the Department of Municipalities and Transport, provided that the increase in value or real estate deals in spite of the extraordinary conditions caused by the coronavirus(COVID-19) pandemic on the global economy shows the flexibility of the Abu Dhabi real estate market, taking note of the key techniques embraced by the division a year ago to help the land area, for example, absolving financial backers, the two people, and organizations, from expenses covering 34 land enrollment administrations until the finish of 2020.
The Department of Municipalities and Transport data portrayed Khalifa City has the highest cost in relation to total deals at about AED3.6 billion the comes Yas Island with AED 3.3 billion and Al Reem Island at AED 3 billion.
The Department of Municipalities and Transport has spared individual investors and companies from 34 of real estate records fees until the end of 2020 containing 2 percent transaction and purchase fees, 2 percent off-plan sale fee and land exchange fees, loan registration, loan transfers, loan amendments, and loan saving.
