Abu Dhabi registers $4.4bn in property deals in Q3

A total of 3,932 real estate transactions were completed in the emirate, Department of Municipalities and Transport says

Abu Dhabi, United Arab Emirates, October  21, 2020.   Al Reem Island for area guide.  Hydra Towers.
Victor Besa/The National.
Section:  NA
Reporter:  Gillian Duncan

Abu Dhabi registered Dh16.2 billion ($4.4bn) of property transactions during the third quarter of 2021, as the UAE capital implements further measures to make it even more attractive for those looking to invest and live in the city.

The ‏emirate completed a total of 3,932 real estate transactions, which included Dh11.6bn in mortgages and Dh4.6bn in cash sales, according to a statement by the Department of Municipalities and Transport on Thursday. About 2,224 mortgage transactions and 1,708 sales transactions were concluded in the third quarter of this year, the DMT said.

This follows "continuous efforts to ensure Abu Dhabi is a leading city to invest and live in", the DMT said.

Property sales prices in the majority of residential communities in Abu Dhabi have increased in 2021 amid higher demand in key areas as the UAE’s economy continues to recover from the effects of the coronavirus pandemic, Property Finder said in a report in August.

Average price for residential units in Abu Dhabi increased 2.2 per cent in the first eight months of this year, with the average price of apartments rising 1.9 per cent and average villa prices increasing 3.1 per cent, according to a new report from CBRE.

Property markets in Abu Dhabi and Dubai, like other global property investment centres, have rebounded strongly, as pent-up demand and supportive stimulus measures offered by the government boosted economic activity.

The UAE's overall real estate market is recovering at a fast pace from the Covid-19 pandemic as people upgrade to larger homes with outdoor amenities as more people work remotely.

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Updated: November 4th 2021, 12:37 PM
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