Abu Dhabi records real estate transactions worth Dh58bn in 2019

Al Reem Island tops the list with Dh6.52bn of transactions

Abu Dhabi Investment Office has finalised enhancements to the Musataha agreement to give private sector investors greater opportunities.  Victor Besa / The National 

The total value of real estate transactions in Abu Dhabi reached Dh58 billion in 2019 as the emirate ramped up efforts to attract investors, the Department of Municipalities and Transport (DMT) said on Wednesday.

The department also said the total number of transactions in 2019 reached 19,000 with the value of real estate deals touching Dh20.6bn through 10,155 transactions, whereas the value of mortgage deals reached Dh37.4bn through 8,663 agreements. It did not provide comparative figures for the previous year.

“The number of real estate deals was a result of the appropriate payment plans, offers and various facilities offered by several developers along with the low interest rates offered by mortgage loan providers from banks and financing institutions,” said Hamad Al Mutawa, executive director of operations affairs at DMT.

Of the transactions, lands and buildings accounted for Dh10.3bn of deals, or 50 per cent of the total. The remaining 50 per cent related to the sale of individual real estate units.

Al Reem Island topped the list of areas with the most real estate transactions at a combined Dh6.52bn, followed by Yas Island with Dh3.425bn, Al Reef with Dh2.293bn, Al Shamkha at Dh1.078bn, Khalifa City with Dh687 million and Al-Faqa at Dh303m.

A number of new initiatives such as the Dh50bn Ghadan 21 stimulus programme, long-term visas for real estate buyers and allowing foreign investors to own freehold property in Abu Dhabi are all helping the local real estate sector.