18 November 2022 – ME Construction News – www.meconstructionnews.com
Abu Dhabi’s real estate market witnessed continued growth in the third quarter of 2022, recording a total of 4,441 transactions amounting to over $5.73bn, according to the latest report published by the Department of Municipalities and Transport (DMT).
The DMT’s quarterly publication showed that the emirate recorded 1,995 real estate sales worth $1.47bn, and 2,446 mortgage transactions worth $4.25bn.
In September 2022, Dubai’s property market topped US $6.6bn in August while, early in November 2022, the DMT signed a twinning partnership with Bishkek City.
Yas Island topped the list, logging transactions worth $272mn, while Al Saadiyat Island comes in second with transactions worth $253mn. With a total of $175mn in transactions, Al Shamkha ranked third, followed by Al Reem Island with $147mn, and Khalifa City with $57mn. Meanwhile, Mohammed bin Zayed City recorded transactions worth $49.5mn.
Dr. Adib Al Afifi, Executive Director of the Real Estate Sector at DMT said, “The real estate market in the Emirate of Abu Dhabi continues to achieve outstanding results and continuous and sustainable growth. 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.”