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Sat 23 May 2020 11:50 AM

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Value of real estate transactions in Abu Dhabi rises 34% in Q1

Abu Dhabi officials are confident the emirate can weather the impact of Covid-19

Value of real estate transactions in Abu Dhabi rises 34% in Q1

The value of real estate transactions in Abu Dhabi rose 34 percent to AED 6.3 billion by the end of April, according to new statistics from the Department of Municipalities and Transport.

According to the statistics, there were a total of 2,617 real estate transactions.

Over the same time period last year, there were 1,840 deals worth AED 4.6 billion.

The statistics show that mortgages acquired 60 percent of the total real estate transactions in April 2020, increasing 100 percent compared to the same time period in 2019 up to AED 3.8 billion through 1,170 mortgage transactions.

Additionally, the statistics show that the value of buying and selling operations in April reached AED 2.5 billion, through 1,447 transactions. During the same period last year, the total value was AED 2.8 billion during the same time period last year, through 1,242 transactions.

“[The] Abu Dhabi real estate market has maintained its vitality, position and excellence despite these unprecedented repercussions caused by Covid-19 on the global economy and its repercussions on real estate markets around the world,” said Dr. Adeeb Alafeefi, managing director of the real estate sector in the Department of Municipalities and Transport.

“The capabilities of the real estate market in Abu Dhabi enable it to overcome these circumstances during the coming period,” Alafeefi added. “It also has all the aspects that enable it to benefit much more than other markets with the start of the global economic recovery.

Yas Island was found to have the highest value or total real estate transactions in April, with a total of AED 771, following by Reem Island with AED 279 million and Saadiyat Island at AED 270 million.

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