Friday April 29, 2022
Abu Dhabi’s real estate deals exceed Dhs11.3 billion in Q1
The property sector in the emirate of Abu Dhabi recorded 1,722 real estate purchase and sale transactions worth Dhs4.35 billion.
The Department of Municipalities and Transport (DMT) revealed that the UAE capital’s real estate market recorded 3,304 transactions, reaching a value of Dhs11.3 billion in the first quarter of 2022.
The department’s quarterly report revealed that the transactions included the buying, selling, and mortgages of all types of lands, buildings, and real estate. According to the real estate trading index published by DMT, the real estate sector in the emirate recorded 1,722 real estate purchase and sale transactions worth AED4.35 billion and 1,582 mortgage transactions worth Dhs6.9 billion.
Yas Island topped the list with Dhs1.2 billion in real estate transactions, followed by Al Saadiyat Island in second place with Dhs673 million. With Dhs598 million, Al Reem Island came in third, Khalifa City came in fourth with Dhs173 million, and the Al Raha Beach area came in fifth with Dhs168 million. And finally, Al Shamkha came in sixth with Dhs150 million worth of real estate transactions.
Dr Adeeb Al Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, said, “With steady and sustained growth in Abu Dhabi’s real estate sector, the emirate has maintained its position as one of the world’s most sought-after markets and destinations for real estate investment.
“With excellent infrastructure, a diverse range of options, and world-class services, Abu Dhabi’s real estate industry strengthens its position as one of the best places in the world to live, work, and visit.”
Dubai’s realty deals hit Dhs6.6b: The Dubai real estate and properties transactions valued at Dhs6.6 billion in total during the week ending 29 April 2022. The sum of transactions was 2,259. 197 plots were sold for Dhs1.15 billion, 1,628 apartments and villas were sold for Dhs3.52 billion.
The top three transactions were a land in Business Bay sold for Dhs72.24 million, followed by a land that was sold for Dhs71 million in Al Thanayah Fourth, and a land sold for Dhs72.24 million in Business Bay in third place. Al Hebiah Fifth recorded the most transactions for this week by 76 sales transactions worth Dhs172.51 million, followed by Jabal Ali First with 24 sales transactions worth Dhs121.38 million, and Al Yufrah 2 with 15 sales transactions worth Dhs21 million in third place.
The top three transfers for apartments and villas were an apartment was sold for Dhs576 million in Marsa Dubai, an apartment was second in the list sold for Dhs307 million in Burj Khalifa, and thirdly it was an apartment sold for Dhs243 million in Business Bay. The sum of the amount of mortgaged properties for the week was 1.73 billion, with the highest being a land in Al Yelayiss 2, mortgaged for Dhs296 million. 75 properties were granted between first-degree relatives worth Dhs267 million.
Separately, Dubai’s real estate market recently recorded a total of 25,972 real estate transactions in Q1 2022, marking it the highest number of real estate transactions since 2010 registered in a single quarter and the highest volume since Q1 2014.
The Mo’asher, Dubai’s official sales and rental performance index launched by Dubai Land Department (DLD) in cooperation with Property Finder, highlighted Dubai’s real estate market significant growth and continuous upward trend while it continues to provide vital insights and transparency into the Dubai real estate market.
In March 2021, the overall monthly Index for sales recorded 1.249 and an index price of Dhs1,215,672, the apartments monthly Index recorded 1.285 and an index price of Dhs1,100,294, and the villas/townhouses monthly Index recorded 1.297 and an index price of Dhs2,100,519. Meanwhile, the overall monthly index for rental in March 2021 recorded 0.950 and an index price of Dhs51,322, the apartments monthly Index recorded 0.953 and an index price of Dhs47,294, and the villas/townhouses monthly Index recorded 0.865 and an index price of Dhs131,313.
In Q1 2022, the overall quarterly Index for sales recorded 1.251 and an index price of Dhs1,186,002, the apartments quarterly Index recorded 1.26 and an index price of Dhs1,067,385, and the villas/townhouses quarterly Index recorded 1.234 and an index price of Dhs 2,094,633. On the other hand, thee overall quarterly index for rental in Q1 2022 recorded 0.947 and an index price of Dhs 51,177, the apartments quarterly Index recorded 0.967 and an index price of Dhs46,952, and the villas/townhouses quarterly Index recorded 0.851 and an index price of Dhs131,639. Dubai Real Estate had 8,399 sales transactions worth Dhs22.58 billion in March 2022; the number of these sales transactions are the highest recorded in the past 7 years. This is an 83 per cent increase in total sales transactions compared to March 2021 and a 109 percent increase in sales value.