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Mon 8 Jul 2019 07:43 AM

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Al Reem Island most popular for Abu Dhabi real estate buyers in 2019

More than 10,000 property deals took place in first half of the year, with transactions reaching $5.7bn

Al Reem Island most popular for Abu Dhabi real estate buyers in 2019
The first biannual report of the Department of Urban Planning and Municipalities (DPM) revealed that the real estate sector generated a total of 6,374 property transactions valued at more than $3.4bn

Around $5.7 billion (AED21bn) was generated through more than 10,000 real estate transactions across Abu Dhabi in the first half of 2019.

The first biannual report of the Department of Urban Planning and Municipalities (DPM) revealed that the real estate sector generated a total of 6,374 property transactions valued at more than $3.4bn (AED12.5bn), reported Emirates News Agency (WAM). There were 3,712 mortgage transactions worth over $2.3bn (AED8.5bn).

Falah Al Ahbabi, chairman of the DPM, said: "We believe that these figures show investors how well the Abu Dhabi real estate market is performing; the Emirate remains highly competitive in this sector, home to some of the best properties and developments across the Middle East and North Africa region."

In terms of geographic locations where sales activity was the most dynamic, Al Reem Island topped the list with transactions worth more than $1.1bn (AED4.371bn), followed by Al Reef area with a value of over $486m (AED1.788bn) and Yas Island with more than $434m (AED1.597bn) worth of transactions. That was followed by Al Shamkha City with $173m (AED636m), Khalifa City with $97m (AED357m) and Al Faqa Area with $57m (AED211m) of transactions.