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Mon 9 Mar 2020 01:51 PM

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Abu Dhabi sees real estate deals worth $15.8bn in 2019

Department of Municipalities and Transport says emirate registered a total of 19,000 property transactions last year

Abu Dhabi sees real estate deals worth $15.8bn in 2019

Abu Dhabi registered 19,000 real estate transactions worth AED58 billion ($15.8 billion) in 2019, according to the Department of Municipalities and Transport (DMT).

The transactions included sales and mortgages of lands, buildings and real estate units.

A DMT report showed that the value of mortgages during 2019 reached AED37.4 billion through 8,663 transactions.

Al Reem Island topped the list of real estate transactions with a value of AED6.52 billion, followed by Yas Island with AED3.425 billion and Al Reef with AED2.293 billion.

Hamad Al Mutawa, executive director of operations affairs at DMT, said that the positive performance of the real estate sector during 2019 resulted from investors looking for a "safe, stable and encouraging investment environment".

Al Mutawa also highlighted the impact of Ghadan 21, the government initiative allowing foreign investors to own freeholds in Abu Dhabi, in addition to amending the laws and legislations for long-term residence visas and residence visas for real estate buyers.

CBRE said recently that government initiatives are set to stimulate Abu Dhabi’s real estate market this year.

It said that the changes in the freehold law that have enabled expatriates to own freehold property in over 15 designated investment zones are expected to have a positive impact on the residential market.

CBRE also said that 28,000 residential units will enter the UAE capital's market between 2020 and 2023, adding to an existing 258,000 units.