Friday July 22, 2022
Abu Dhabi records over Dhs22.5 billion of real estate transactions in H1
Abu Dhabi records 7,474 property transactions during the first half of 2022.
As per the latest report released by theÂ Department of Municipalities and Transport (DMT), Abu Dhabiâ€™s real estate market sustained growth driven by investor optimism, recording 7,474 property transactions amounting to over Dhs22.51 billion.
The departmentâ€™s half-yearly report indicates that all kinds of land, buildings, and real estate were purchased, sold, and mortgaged.
DMTâ€™s real estate trading index shows 3,568 real estate purchase and sale transactions worth Dhs8.9 billion and 3,906 mortgage transactions worth Dhs13.61 billion.
Dr Adeeb Al-Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, said: â€œAbu Dhabiâ€™s leadership implemented several sound policies and strategic measures to achieve these results.
â€œThrough constant and sustained growth in the real estate sector, Abu Dhabi has maintained its standing as a world-class market and investment destination.â€
In the list of top five areas in terms of the numbers and values of real estate transactions in Abu Dhabi during the first six months of 2022, Yas Island topped the list with transactions worth Dhs1.8 billion with Al Saadiyat Island coming in at second place with transactions worth Dhs1.2 billion. With Dhs1 billion, Al Shamkha came in third, Al Reem Island came in fourth with 872 million dirhams, and the Khalifa City came in fifth with 310 million dirhams. Al Raha Beach came in sixth with transactions worth Dhs300 million.
Al-Afifi added: â€œAs we enter the second half of 2022, we expect to see significant investment opportunities, particularly with the introduction of several new projects that will boost Abu Dhabiâ€™s real estate market.â€
Diverse investors from the UAE, GCC, and around the world have continued to boost the emirateâ€™s real estate market. Â
The real estate markets in Dubai and Abu Dhabi have been named as the top global improvers in 2022, JLL said in its latest Global Real Estate Transparency Index (GRETI).
Dubai gained three spots to hold the 31st position worldwide on the list, marking its entry into the transparent tier while being the only real estate market in MENA to be featured.
Meanwhile, Abu Dhabi ranked 45th worldwide, gaining one rank and maintaining its place in the Semi-Transparent tier.
The record of Dubai was attributed to the enhanced digital services and data provision processes like service charge management, automated valuation, and transactions databases through the Dubai Real Estate Self Transaction (Dubai REST) platform.Â Â Â Â
Dubai records Dhs701m deals: Dubai real estate market recorded 233 sales transactions worth Dhs583.24 million, in addition to 61 mortgage deals of Dhs108.46 million, and 7 gift deals amounting to Dhs9.7 million on Friday, data released by Dubaiâ€™s Land Department (DLD) showed.
The sales included 217 villas and apartments worth Dhs469.14 million, and 16 land plots worth Dhs114.11 million, while mortgages included 54 villas and apartments worth Dhs86.77 million and 7 land plots valued at Dhs21.69 million, bringing the total realty transactions of today to over Dhs701 million.
The UAEâ€™s real estate sector registered a record-breaking growth as Dubai witnessed its strongest H1 performance ever with nearly 43,000 sales transactions worth more than Dhs114.5 billion during the first half of 2022, compared to 27,373 sales transactions worth Dhs61.97 billion in the first half of 2021. Over 8,800 real estate transactions valued at Dhs22.69 billion were reported in June alone to signify a 42.6% uptick in sales and a 55.4% increase in value, when compared to the same month in 2021. This progress demonstrates the UAEâ€™s post-pandemic resilience and reinforces the key role of Dubaiâ€™s real estate sector in diversifying the countryâ€™s economy.
With 5.5% of the UAEâ€™s overall gross domestic product (GDP) being generated by its real estate activity, the governmentâ€™s efforts to safeguard the real estate market via various initiatives have led to a rise in residential property prices with a projected increase of 3% by the end of 2022. Unique Properties, the Dubai-based and multi-award winning real estate investment consultation agency with a proven track record of nearly two decades, observes that Dubaiâ€™s housing market will remain in high demand over the coming years.
Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ commented on this, â€œGovernment implemented lockdowns at the height of the pandemic saw the countryâ€™s residential realty market come to a screeching halt, but it has since rebounded favorably with its strongest H1 performance since 2009. This promising progress has been underpinned by the UAEâ€™s supportive economic reforms, easing of COVID-19 restrictions, and its accelerated vaccination program - all key factors which led to its recognition as one of the best countries to lead the world in pandemic recovery.