The total value of real estate transactions in Abu Dhabi increased by 22 per cent to reach Dh19.2 billion in the first quarter of 2020 despite the ‘exceptional circumstances’ the emirate faces in the battle against Covid-19, according to government data.
About 7,600 land and real estate deals were carried out in the first three months of this year, up 5,085 on the same period last year when the value of deals reached Dh15.8bn, according to Abu Dhabi’s Department of Municipalities and Transport.
“The increase comes despite the exceptional circumstances resulting from the spread of Covid-19 – which casts a shadow over the global economy,” DMT said in a statement on Thursday.
The high value of the emirate's real estate trading transactions comes as weeks of precautionary measures to contain the spread of the coronavirus have taken a toll on businesses and resulted in pay cuts or job losses for individuals.
There are signs, however, that restrictions may be lifted with officials in Abu Dhabi considering a staggered series of reopenings across key sectors to support local retailers and businesses.
The DMT has exempted individuals and companies from 34 real estate registration fees until the end of 2020 including a 2 per cent sale and purchase fee and a 2 per cent off-plan sale fee, as well as charges on land exchange, mortgage registration, mortgage transfer, mortgage amendments and mortgage redemption.
DMT said the value of real estate transactions amounted to about Dh8.7bn, comprising 3,613 transactions, while the value of mortgages exceeded Dh10.5bn, involving 3,943 transactions.
Real estate sales were distributed across land, buildings and units, with land transactions making up 56 per cent of the total sales during the first quarter with a value of Dh4.9bn in 1,224 transactions. Sales of real estate building and units comprised 44 per cent of the total sales value, with 2,389 transactions making Dh3.8bn.
Meanwhile, the total value of mortgages in the first quarter reached Dh10.5bn with 3,943 mortgage transactions carried out; land sales accounted for the majority of lending with a value of Dh10.3bn, making up to 98 per cent of the total value. The share of real estate loans accounted for 2 per cent, equating to around Dh200 million and 110 mortgage transactions.
"This high value of real estate trading transactions can be attributed to the direction of our wise leadership and vision to promote economic development and ensure an attractive investment environment based on the Abu Dhabi Vision 2030 and the Abu Dhabi Government Accelerator's Programme 'Ghadan 21’ and the latest economic stimulus package where DMT waives various real estate transaction fees,” said Dr. Adeeb Al Afeefi, executive director of the real estate sector in the Department of Municipalities and Transport.
Al Reem Island attracted the highest value in terms of total sales at Dh2bn, followed by Saadiyat Island at Dh1.5bn, the Al Reef region at Dh911m and Yas Island at Dh837m.
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Directors: Tarzan and Arab Nasser
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In numbers
- Number of children under five will fall from 681 million in 2017 to 401m in 2100
- Over-80s will rise from 141m in 2017 to 866m in 2100
- Nigeria will become the world’s second most populous country with 791m by 2100, behind India
- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100
- an average of 2.1 children per woman is required to sustain population growth
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
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The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
%3Cp%3EDavid%20White%20might%20be%20new%20to%20the%20country%2C%20but%20he%20has%20clearly%20already%20built%20up%20an%20affinity%20with%20the%20place.%3Cbr%3E%3Cbr%3EAfter%20the%20UAE%20shocked%20Pakistan%20in%20the%20semi-final%20of%20the%20Under%2019%20Asia%20Cup%20last%20month%2C%20White%20was%20hugged%20on%20the%20field%20by%20Aayan%20Khan%2C%20the%20team%E2%80%99s%20captain.%3Cbr%3E%3Cbr%3EWhite%20suggests%20that%20was%20more%20a%20sign%20of%20Aayan%E2%80%99s%20amiability%20than%20anything%20else.%20But%20he%20believes%20the%20young%20all-rounder%2C%20who%20was%20part%20of%20the%20winning%20Gulf%20Giants%20team%20last%20year%2C%20is%20just%20the%20sort%20of%20player%20the%20country%20should%20be%20seeking%20to%20produce%20via%20the%20ILT20.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20is%20a%20delightful%20young%20man%2C%E2%80%9D%20White%20said.%20%E2%80%9CHe%20played%20in%20the%20competition%20last%20year%20at%2017%2C%20and%20look%20at%20his%20development%20from%20there%20till%20now%2C%20and%20where%20he%20is%20representing%20the%20UAE.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20was%20influential%20in%20the%20U19%20team%20which%20beat%20Pakistan.%20He%20is%20the%20perfect%20example%20of%20what%20we%20are%20all%20trying%20to%20achieve%20here.%3Cbr%3E%3Cbr%3E%E2%80%9CIt%20is%20about%20the%20development%20of%20players%20who%20are%20going%20to%20represent%20the%20UAE%20and%20go%20on%20to%20help%20make%20UAE%20a%20force%20in%20world%20cricket.%E2%80%9D%C2%A0%3C%2Fp%3E%0A
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
