Abu Dhabi recorded 10,557 real estate transactions worth Dh46.33 billion ($12.61 billion) in the first half of 2023 amid strong demand from buyers.
The value of the deals more than doubled during the six-month period, while the volume of transactions, which include property sales and mortgages, rose by 41 per cent on an annual basis, the Abu Dhabi media office reported on Monday, citing data from the Department of Municipalities and Transport (DMT).
The emirate recorded 6,730 real estate sale and purchase transactions valued at Dh25.09 billion during the period. There were also 3,827 mortgage transactions with a total value of Dh21.24 billion.
"Abu Dhabi's real estate market continues to thrive, showcasing a resilient and optimistic investor sentiment,” Dr Adeeb Al Afifi, executive director of the property sector at DMT said.
The latest figures “reaffirm the enduring appeal and solid growth potential of our market, positioning Abu Dhabi as an attractive destination for local and global investors.”
Domestic investors, as well as those from the GCC and other countries, are continuing to buy into Abu Dhabi’s property market, the Abu Dhabi Media Office said.
The UAE property market has bounced back strongly from the coronavirus pandemic thanks to government initiatives, higher oil prices and other measures to support the economy.
Global high net worth individuals plan to spend $2.8 million on average on Abu Dhabi property amid strong economic growth and world class infrastructure, a survey has found.
About 58 per cent of HNWIs are prepared to allocate more than $1 million to a property in Abu Dhabi, with the average allocated budget being $2.8 million, according to the report by global property consultancy Knight Frank.
East Asian buyers have a higher spending propensity, with many prepared to spend more than $5 million to buy Abu Dhabi property, the consultancy said last month.
Saadiyat Island topped the list in terms of the number and value of property transactions, which totalled Dh3 billion in the first half of this year. Yas Island was in second place with Dh2.6 billion worth of transactions.
This was followed by Al Reem Island with Dh2.4 billion, Al Jubail Island with Dh1.5 billion and Al Shamkha City reporting deals totalling Dh1 billion.
“As we enter the second half of 2023, we expect to see significant investment opportunities, particularly with the introduction of several new projects that will boost Abu Dhabi's real estate market,” Mr Al Afifi said.
Remaining Fixtures
Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
Naga
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