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Land and property transactions reach Dh31 billion in H1 2019 in Abu Dhabi


Abu Dhabi, UAE:

The total value of 10,086 land and property transactions crossed Dh31 billion (US$8.45 billion) in the emirate of Abu Dhabi in the first half of 2019, according to the Department of Urban Planning and Municipalities (DPM), the emirate’s land and property registrar.

 

The real estate sector has generated a total of 6,374 property transactions valued at more than Dh12.5 billion. The volume of mortgage transactions reflects the confidence of banks in the sector, with 3,712 mortgage transactions worth over Dh18.5 billion.

 

The value of 4,970 transactions in the land and buildings sector reached Dh23 billion, of which sales and mortgage transactions represented Dh5 billion and Dh18 billion respectively. The value of 5,116 transactions in the units reached Dh8 billion, including Dh7.5 billion in sale and Dh0.5 billion mortgage.

 

Falah Al Ahbabi, Chairman of the DPM, said: “These results demonstrate the buoyant real estate market in Abu Dhabi. These figures support our vision to further community happiness through sustainable urban growth and municipal services. We believe that these figures show investors how well the Abu Dhabi real estate market is performing; the Emirate remains highly competitive in this sector, home to some of the best properties and developments across the Middle East and North Africa region.

 

"The release of this first indicators report is a continuation of our open approach aimed at raising transparency and enhancing the ease of doing business in the real estate market. Providing information to investors, real estate developers and landowners will enhance confidence and competitiveness regionally and internationally.”

 

In terms of geographic locations where sales activity was the most dynamic, Al Reem Island topped the list with transactions worth more than Dh4.37 billion, followed by Al Reef area with a value of over Dh1.78 billion of transactions and Yas Island with more than Dh1.59 billion worth of transactions.

 

That was followed by Al Shamkha City with Dh636 million of transactions, Khalifa City with Dh357 million of transactions and Al Faqa Area with Dh211 million worth of transactions.

 

In line with the Emirate’s vision to become one of the best places in the world to do business, invest, work, live, and visit, the Abu Dhabi Government modernized real estate laws in April 2019 to allow foreigner ownership of freehold property in designated investment zones. The change is designed to support and develop the business environment, increasing foreign direct investment and evolving Abu Dhabi’s economy into one that is even more dynamic.

 

All data provided in the H1 2019 report is drawn directly from DPM’s register of real estate transactions.