Statistics released by the Department of Municipalities and Transport revealed today that the value of real estate transactions in Abu Dhabi increased by 34% to reach 6.3 billion dirhams in April 2020 through 2,617 real estate deals, compared to 4.7 billion dirhams made through 1.840 transactions during the same period last year .
The department’s data indicated that the mortgages acquired 60% of the total real estate transactions in the month of April 2020, as the value of the mortgages for the month of April 2020 increased by 100% compared to the same period in 2019 to reach the value of 3.8 billion dirhams, through (1.170) mortgage transactions, against mortgages of 1.9 billion dirhams, which were made through (598) mortgage transactions.
Statistics of the Department of Municipalities and Transport also showed that the value of the actions of buying and selling transactions in the month of April 2020 amounted to about 2.5 billion dirhams through (1.447) transactions, compared to 2.8 billion dirhams for the same period last year through (1,242) transactions.
Dr. Adeeb Al-Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport said: “Thanks to the rational leadership directives to support the business sectors in light of these exceptional situations, the Abu Dhabi real estate market has maintained its vitality, position and excellence despite these unprecedented repercussions caused by the emerging Corona virus (Covid- 19) On the global economy and its repercussions on real estate markets around the world.
Al-Afifi added: “The stimulus plans launched by the UAE government and the economic support plan for the central bank, as well as the economic incentives package launched by the Executive Council of the Emirate of Abu Dhabi, according to which the Municipalities and Transport Department exempted individuals and companies from fees (34) real estate registration service until the end of this year 2020, all of these factors contributed to providing sufficient flexibility and helping the Abu Dhabi real estate market to respond to the current conditions and continue its growth and maintain the momentum of its trading. "
He also added: "The real estate market in Abu Dhabi has the capabilities that help it to overcome these conditions during the coming period, and it has all the ingredients that make it able to benefit much more than other markets with the start of the global economic recovery, and we hope that the real estate market will witness during The next few months will increase the volume of trading based on the supportive decisions taken by the department in this field. "
Exemptions include the sale and purchase fees of 2% of the value of the sales contract, and sales fees on the scheme at 2% of the value of the sale contract, along with other fees such as land exchange, mortgage registration, mortgage transfer, mortgage modification, and pledge release.
The data issued by the Department indicated that Yas Island ranked highest in terms of real estate transactions in the month of April 2020 with a total value of about 771 million dirhams, followed by Al Reem Island in the second place with a total real estate transactions amounting to about 279 million dirhams, and Saadiyat Island ranked third With real estate transactions totaling about 270 million dirhams, then the countryside followed with real estate transactions amounting to 254 million dirhams, while the Al-Faqaa region ranked fifth in the value of real estate transactions, which amounted to 159 million dirhams.
The total value of real estate transactions in the Emirate of Abu Dhabi increased by 22% to 19.2 billion dirhams in the first quarter of this year, compared to about 15.8 billion dirhams for the same period last year.