Abu Dhabi real estate transactions hit $3.1bn in Q1 2021
Recorded value includes approximately 3,847 lands, buildings and unit deals
The Department of Municipalities and Transport – Abu Dhabi has said that real estate transactions in the emirates during the first three months of 2021 amounted to $3.1 billion, with the recorded value including approximately 3,847 lands, buildings, and unit deals.
According to the department’s first report this year, the value of real estate transactions amounted to $1.36 billion, comprising of 1,755 transactions. The value of mortgages exceeded $1.76 billion, generated from 2,092 transactions, it added.
Dr Adeeb Al Afeefi, Executive Director of the Real Estate Sector in the Department of Municipalities and Transport, said: “We are fully confident that our long-term approach will contribute to Abu Dhabi’s success and strategy, which has set an outstanding global example on how to overcome the economic, health and social challenges imposed by last year’s pandemic.”
“Working closely with our stakeholders and partners across public and private sectors, enabled us to plan and execute sustainable initiatives and procedures in our market.”
Al Reem Island came in the first place with the highest value in terms of total sales – at about ($435.6 million) – followed by Abu Dhabi Island with ($246.9 million), the report said.
Yas Island came in third place in terms of total sales ($176.6 million) followed by Saadiyat Island ($121.4 million), Khalifa City ($61.25 million), Al Raha Beach ($53.36 million), while sales were distributed in various other regions in Emirate of Abu Dhabi.
Real estate sales during the first 2021 quarter were distributed across land, buildings and units, the report said. Lands acquired 66% of the total sales during the first quarter with a value of $898.4 million made through 777 transactions, while the share of real estate units in the total sales value during the same period totalled 34% with sales and were valued at $462.8 million, covering 978 transactions.
While lands comprised the vast majority of mortgages with a value of $1.68 billion (96% of the total value), the share of real estate units in the total value of mortgages accounted for 4%, equating to around $65.88 million and 156 transactions.
Mortgages exceeded $1.76 billion, reflecting banks confidence in Abu Dhabi’s real estate market with a positive outlook.
“Led by our leadership vision and support, these developments will ensure creating an attractive investment environment aligned with Abu Dhabi Plan and the Abu Dhabi Government Accelerator’s Program ‘Ghadan 21’ through more stimulus packages and opportunities,” he added.
