In the third quarter of this year, the real estate market in Abu Dhabi saw 4,441 property sales worth over Dh21.04 billion, according to data.
According to the Department of Municipalities and Transport (DMT), the emirate reported 1,995 real estate sale transactions totaling Dh5.39 billion and 2,446 mortgage transactions totaling Dh15.64 billion.
Al Saadiyat Island came in second with purchases totaling Dh929 million, while Yas Island came out on top with transactions totaling Dh1 billion. Al Shamkha finished third with Dh641 million, Al Reem Island finished fourth with Dh541 million, and Khalifa City finished fifth with Dh208 million. Sixth place went to Mohammed bin Zayed City with transactions totaling Dh182 million.
Dr. Adib Al Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, said: “The real estate market in the emirate of Abu Dhabi continues to achieve outstanding results and continuous and sustainable growth. By providing more options for investment in the real estate market and increasing the transparency of this vital sector contributes to the strengthening of Abu Dhabi’s global position as one of the most lucrative destinations for real estate investment.”
In spite of increasing global headwinds, real estate and rental prices in the UAE have actually maintained their outstanding growth performance in the third quarter.
In Abu Dhabi, average residential property prices rose 3.2% from September 2022 to September 2022. According to commercial real estate services and investment business CBRE, the average price of an apartment jumped by 3.3%, and the average price of a villa increased by 2.7%.
In August, there were 9,720 sales transactions in the Dubai real estate market. The total amount of these sales was Dh24.34 billion, up 69.57% over August of the previous year. The Sharjah Real Estate Registration Department said that in the first nine months of 2022, real estate transactions in Sharjah totaled Dh16.6 billion (SRERD). Across the emirate, 65,314 transactions were completed. With a trading volume of Dh 2.7 billion, March was the highest month. August came in second at Dh 2 billion, while June came in at Dh 1.7 billion.
However, the nation’s capital has also made a number of efforts to guarantee that Abu Dhabi’s residential areas are sustainable and carbon-neutral.
The real estate construction, management, and investment business based in Abu Dhabi, Aldar Properties, has committed to investing Dh25 million for energy retrofit projects in 13 of its residential communities.