Abu Dhabi: Property market transactions reach Dhs11.3bn in Q1 2022
02 May 2022 – Gulf Business – Gulfbusiness.com
Abu Dhabi’s property market has shown strong growth in the first quarter of the year. According to the emirate’s Department of Municipalities and Transport (DMT), Abu Dhabi’s real estate market recorded 3,304 transactions, reaching a value of Dhs11.3bn.
According to an Abu Dhabi Media Office report, the department’s quarterly report revealed that the property transactions included the buying, selling and mortgages of all types of land, buildings and real estate.
The real estate trading index published by DMT showed that the emirate’s property sector recorded 1,722 real estate purchase and sale transactions worth Dhs4.35bn and 1,582 mortgage transactions worth Dhs6.9bn.
Yas Island topped the list with Dhs1.2bn in property transactions, followed by Al Saadiyat Island in second place with Dhs673m. With Dhs598m, Al Reem Island came in third, Khalifa City came in fourth with Dhs173m, and Al Raha Beach area came in fifth with Dhs168m. Al Shamkha came in sixth with Dhs150m worth of property transactions.
Dr Adeeb Al-Afifi, executive director of the real estate sector at the DMT, said: “With steady and sustained growth in Abu Dhabi’s real estate sector, the emirate has maintained its position as one of the world’s most sought-after markets and destinations for real estate investment.
“With excellent infrastructure, a diverse range of options, and world-class services, Abu Dhabi’s real estate industry strengthens its position as one of the best places in the world to live, work, and visit.”
In other news, global real estate consultancy, Knight Frank, has reported that five out of 27 locations in Dubai have seen office rents return to pre-pandemic rates, while in Abu Dhabi, the city’s best buildings continue to show rental resilience.