Real estate sales in Abu Dhabi totaled over Dh22.5 billion in H1.

by Editor

According to the most recent report from the Department of Municipalities and Transport (DMT), the growth of Abu Dhabi’s real estate market was driven by investor optimism, which led to the sale of 7,474 properties worth more than Dh22.51 billion.
The department’s half-yearly report noted that various types of land, structures, and real estate were bought, sold, and mortgaged.
The DMT’s real estate trade index mentioned that there have been 3,568 mortgage transactions totaling Dhs13.61 billion and 8.9 billion in real estate purchases and sales.
Dr. Adeeb Al-Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, said: “Abu Dhabi’s leadership implemented several sound policies and strategic measures to achieve these results.”
“Through constant and sustained growth in the real estate sector, Abu Dhabi has maintained its standing as a world-class market and investment destination.”
Yas Island came in first place with transactions worth Dhs1.8 billion, followed by Al Saadiyat Island in second place with transactions worth Dhs1.2 billion in the list of the top five areas in terms of the quantity and value of real estate transactions in Abu Dhabi during the first six months of 2022. Al Shamkha came in third with Dhs1 billion, Al Reem Island arrived in fourth with Dhs872 million, and Khalifa City came in fifth with Dhs310 million. With 300 million Dhs worth of deals, Al Raha Beach placed sixth.
Al-Afifi added: “As we enter the second half of 2022, we expect to see significant investment opportunities, particularly with the introduction of several new projects that will boost Abu Dhabi’s real estate market.”
Investors from the UAE, the GCC, and other countries have helped the real estate market in the emirate grow.
According to JLL’s most recent Global Real Estate Transparency Index, the real estate markets in Dubai and Abu Dhabi will be among the best performers globally in 2022. (GRETI).
Dubai moved up three points in the rankings to take over the 31st slot overall, marking its entry into the transparent tier and making it the first MENA real estate market to be highlighted.
Abu Dhabi, meanwhile, rose one spot to 45th place overall, keeping its spot in the Semi-Transparent tier.
The expanded digital services and data provision procedures, such as service fee management, automated valuation, and transaction databases through the Dubai Real Estate Self Transaction (Dubai REST) platform, were credited with helping Dubai set this milestone.
Dubai’s real estate market saw 233 sales transactions totaling Dh583.24 million on Friday, in addition to 61 mortgage transactions totaling Dh108.46 million, 7 gift transactions totaling Dh9.7 million, and 61 mortgage transactions totaling Dh108.46 million.
The mortgages included 54 villas and apartments worth Dhs86.77 million and 7 land plots valued at Dhs 21.69 million. The sales included 217 villas and apartments worth Dhs 469.14 million, 16 land plots worth Dhs 114.11 million, and 7 villas and apartments worth Dhs 21.69 million. The total value of the real estate transactions today exceeded Dhs 701 million.
With approximately 43,000 sales transactions worth more than Dhs114.5 billion during the first half of 2022, compared to 27,373 sales transactions worth Dhs61.97 billion in the first half of 2021, Dubai’s real estate market saw record-breaking growth. When compared to the same month in 2021, almost 8,800 real estate transactions of Dhs22.69 billion were registered in June, which represents a 42.6 percent rise in sales and a 55.4 percent increase in value. This development highlights the UAE’s post-pandemic fortitude and the crucial contribution of Dubai’s real estate market to the diversification of the nation’s economy.
Residential property prices have risen, with a 3% increase expected by the end of 2022. Since real estate activity accounts for 5.5 percent of the UAE’s total gross domestic product (GDP), the government’s efforts to protect the real estate market through various initiatives have had this effect. According to Unique Properties, a multi-award winning real estate investment consulting firm with a track record dating back over 20 years, Dubai’s housing market will continue to be in high demand in the years to come.
Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ commented on this, “Government implemented lockdowns at the height of the pandemic saw the country’s residential realty market come to a screeching halt, but it has since rebounded favorably with its strongest H1 performance since 2009. This promising progress has been underpinned by the UAE’s supportive economic reforms, easing of COVID-19 restrictions, and its accelerated vaccination program—all key factors which led to its recognition as one of the best countries to lead the world in pandemic recovery.”

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