Expert: The buying and selling movement in the emirate has witnessed a big boom since the beginning of the third quarter
"Central": 5.5% drop in residential real estate prices in Abu Dhabi
Real estate in Abu Dhabi is one of the most important sectors whose sales have been active during the current year.
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Ahmed Arafat: "The volume of bank financing has doubled since the beginning of the third quarter until now, to take advantage of the sector's incentives."
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The Central Bank revealed that residential real estate prices in Abu Dhabi decreased by 5.5% during the third quarter of this year, on an annual basis, at a time when residential real estate prices in the Dubai real estate market decreased by 0.9% during the same period.
A banking expert attributed the big boom in the selling and buying movement in Abu Dhabi to the decline in prices, the exemption from registration and mortgage fees, which extends until the end of this December, as well as the financing offers by banks, which include a 1% reduction in the interest rate, which encourages To own rather than rent.
Real estate prices
In detail, the Central Bank revealed that residential real estate prices in Abu Dhabi continued to decline at an annual rate of 5.5% during the third quarter of 2020, while they rose on a quarterly basis by 0.9%, according to the "Ridin" price index.
In a report issued the day before yesterday, entitled: “Quarterly review of the UAE Central Bank - Third Quarter 2020”, the «Central» added that residential real estate prices in the Dubai real estate market decreased during the third quarter of this year by 0.9% on an annual basis, without Little change in the previous quarter.
Big boom
The banking expert, Ahmed Arafat, said that the sale and purchase movement in Abu Dhabi is witnessing a big boom since the beginning of the third quarter of this year, and until now thanks to the exemption of the Abu Dhabi municipality from registration, sale, purchase, and mortgage fees, until the end of 2020, which made there a race Those wishing to buy and own, to benefit from this exemption, which constitutes a heavy burden of tens of thousands of dirhams.
Arafat added that many tenants preferred to own a house in the freehold areas of Abu Dhabi in the areas of "Al Reem", "Saadiyat", "Yas", and "Al Ghadeer", and other areas spread across the Emirate of Abu Dhabi, instead of renting, especially as banks It offers attractive offers that include financing 80% of the property price, in addition to reducing interest rates by 1% to reach 2.99%, diminishing.
He stressed that the volume of bank financing has doubled since the beginning of the third quarter until now, to take advantage of the real estate sector incentives, which made real estate in Abu Dhabi one of the most important sectors that have been active in sales during the current year.
He explained that the mortgage installments are equivalent to the monthly rent for apartments nowadays, therefore, we find a demand for ownership, pointing out that the monthly installment for a two-bedroom apartment and a hall is approximately 4000 dirhams on average, and the down payment starts from 50 thousand dirhams, which is an amount Very little compared to in past years.
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