14 November 2022 – GULF NEWS – www.gulfnews.com
Abu Dhabi’s real estate market recorded 4,441 property transactions amounting to over Dh21.04 billion in the third quarter this year, data showed.
The emirate recorded 1,995 real estate sale transactions worth Dh5.39 billion, and 2,446 mortgage transactions worth Dh15.64 billion, the Department of Municipalities and Transport (DMT) said.
Yas Island topped the list with transactions worth Dh1 billion with Al Saadiyat Island coming in at second place with transactions worth Dh929 million. With Dh641 million, Al Shamkha came in third, Al Reem Island came in fourth with Dh541 million, and Khalifa City came in fifth with Dh208 million. Mohammed bin Zayed City came in sixth with transactions to the tune of Dh182 million.
Dr. Adib Al Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, said: “The real estate market in the emirate of Abu Dhabi continues to achieve outstanding results and continuous and sustainable growth. By providing more options for investment in the real estate market and increasing the transparency of this vital sector contributes to the strengthening of Abu Dhabi’s global position as one of the most lucrative destinations for real estate investment.”
In fact, property and rental prices across the UAE have continued to record strong growth performance in the third quarter despite rising global headwinds.
In the residential sector, average property prices in Abu Dhabi increased by 3.2 per cent in the year to September 2022. Average apartment prices rose by 3.3 per cent, and average villa prices increased by 2.7 per cent, according to commercial real estate services and investment firm CBRE.
In Dubai, the real estate market recorded 9,720 sales transactions in August. The combined value of these sales was Dh24.34 billion, an increase of 69.57 per cent compared to August last year. Meanwhile, in Sharjah, real estate transactions amounted to Dh16.6 billion in the first nine months of 2022, according to a report by the Sharjah Real Estate Registration Department (SRERD). A total of 65,314 transactions were carried out across the emirate. March was the strongest month, with trading volume at Dh 2.7 billion, followed by August D h2 billion, and June at Dh 1.7 billion.
However, the capital city has also taken several strides in ensuring that the residential communities in Abu Dhabi are carbon-neutral and sustainable.
Abu Dhabi-based Aldar Properties, the real estate development management and investment company committed to investing Dh25 million for energy retrofit projects in 13 of its residential communities.