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Abu Dhabi recorded 7,474 Property transaction The UAE real estate market was valued at more than AED22.51 billion ($6.1 billion) in the first six months of the year as the UAE property market continued to rebound from the coronavirus-induced slowdown.
The Abu Dhabi Municipality and Transport Department said on Friday that the emirate recorded 3,568 real estate sales and purchases worth AED 8.9 billion and 3,906 mortgage transactions worth AED 13.6 billion between January and June.
“Through the continued and sustained growth of the real estate industry, Abu Dhabi has maintained its position as a world-class market and investment destination,” said Adeeb Al Afifi, executive director of the sector’s real estate sector.
This UAE real estate market It rose sharply in 2021 as it recovered from the coronavirus-induced slowdown. This trend has continued this year as the country’s economy remains on a strong growth trajectory.
Amid a pick-up in economic activity, pent-up demand and improved investor sentiment are also helping to boost property sales, especially in Dubai and Abu Dhabi.
The country’s economy is set for its strongest annual expansion since 2011 after expanding 8.2 percent in the first three months of the year, according to higher oil prices and measures to ease the impact of the Covid-19 pandemic. Central Bank of the United Arab Emirates.
In its latest report, the central bank said the growth in the first quarter was driven by a sharp increase in oil production and a marked improvement in real non-oil gross domestic product. 2022 Quarterly Economic Review.
The Arab world’s second-largest economy will grow by 3.8% in 2021 and is expected to grow by 5.4% and 4.2% in 2022 and 2023, respectively, according to the latest forecast by the banking regulator.
economic support measures Government moves – such as providing residence permits for retirees and remote workers and expanding the 10-year golden visa scheme – have also helped improve sentiment in the property sector.
In Abu Dhabi, Yas Island saw the highest transaction value in the first six months of 2022 with AED 1.8 billion, followed by Saadiyat Island with AED 1.2 billion.
Al Shamkha came in third with AED 1 billion in transactions, followed by Al Reem Island with AED 872 million and Khalifa City with AED 310 million. Al Raha Beach ranked sixth with AED 300 million in transactions.
“As we head into the second half of 2022, we expect to see significant investment opportunities, especially with the launch of several new projects that will drive the Abu Dhabi real estate market,” Mr. Al-Afifi said.
A number of other major real estate projects have also been announced in the UAE capital this year.
Earlier this month, Aldar Properties launched Yas Golf Collection, a Dh1.7 billion resort-style development aimed at meeting the growing demand for real estate on Yas Island.Abu Dhabi developers still The Grove District on Saadiyat Island, Abu Dhabi last month.
Also last month, the Jubail Marina project was announced on Jubail Island in Abu Dhabi, with an $11 million contract for a new 66-berth marina in the Marfa Al Jubail community.
Other projects in the capital include Mount Rem on Rem Island, bloom lifenear Abu Dhabi International Airport, Phase II Imkan’s Riviera Development On the coast between Abu Dhabi and Dubai.
Residential property prices in Abu Dhabi rose 1.5% in the 12 months to March, according to a report by property consultancy CBRE.
Updated: July 24, 2022 at 9:03 am
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