74 billion dirhams of real estate transactions in Abu Dhabi during 2020
The total value of real estate transactions in the Emirate of Abu Dhabi during the past year amounted to 74 billion dirhams, as 19 thousand transactions were completed, including sales and mortgages of land, buildings and real estate units for all types of land use, with a growth rate of 28%, compared to the value of transactions during the year 2019, which amounted to 58 billion dirhams.
The report issued by the Department of Municipalities and Transport on indicators of annual real estate transactions in the emirate showed that the value of sales of total real estate transactions during the year 2020 amounted to 30 billion dirhams through 8,000 transactions, while the value of mortgages reached 44 billion dirhams through 11 thousand mortgage transactions.
Real estate sales were distributed over land, buildings and units, as the value of land and building sales reached 25.3 billion dirhams through 4,647 deals, while the share of real estate units accounted for 5 billion dirhams through 3,427 deals.
The value of mortgages during the past year reached 44 billion dirhams through 11 thousand mortgage transactions, as lands and buildings acquired the vast majority of those mortgages with a value of 42.5 billion dirhams, or 96.8% of the total value of mortgages, through 7730 deals.
The share of real estate units in the total value of real estate mortgages during the past year represented 3.2%, or 1.2 billion dirhams, through 933 transactions.
The Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, Dr. Adeeb Al-Afifi, confirmed that the increase in the value of real estate transactions despite the exceptional circumstances due to the repercussions of the emerging "Corona" virus, which cast a shadow over the global economy, reflects the strength and resilience of the real estate market in Abu Dhabi.
He pointed to the importance of the procedures and initiatives revealed by the department during the past year in support of the real estate sector, as the department has exempted individual and corporate investors from fees for (34) real estate registration service until the end of the year 2020, including, for example: the sale and purchase fees of 2%, The fee for sale on the scheme is 2%, as well as land exchange fees, registering a mortgage, transferring a mortgage, amending a mortgage, and releasing a mortgage.
As for the best-selling geographical locations according to real estate transactions for all types of lands, including off-plan sales and sales on completed units in addition to buildings and lands, Khalifa City topped the sales list with about 3.6 billion dirhams, followed by Yas Island with 3.3 billion dirhams, while Al Reem Island came in Third place with 3 billion dirhams, Saadiyat Island came in fourth place with a total value of 2.5 billion dirhams, and then Al Raha Beach ranked fifth with 1.4 billion dirhams.
It is noteworthy that the annual report issued by the Department of Municipalities and Transport on the performance of the real estate market in the emirate reflects the department’s firm commitment to transparency and disclosure of information and statistics that help investors and those interested in real estate to make sound decisions in a way that enhances their confidence in investment in this sector and ensures continued growth in it and supports the efforts made to achieve Comprehensive and sustainable development in the Emirate of Abu Dhabi.
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