ABU DHABI, 3rd March, 2023 (WAM) — The real estate market in the UAE capital recorded 19,033 transactions with a total value of AED77.6 billion by 2022, the Department of Municipalities and Transport, DMT, has revealed.
The emirate’s real estate sector recorded 9,010 sales transactions worth AED23.5 billion and 10,023 mortgage transactions worth AED54.1 billion, according to the department’s report
Yas Island topped the list with AED 4.2 billion in transactions, followed by Al Reem Island in second place with AED 3.4 billion. Saadiyat Island came third with AED 3.1 billion, while Shamkar came in fourth with AED 2.1 billion. Finally, Zayed City came fifth with AED 1 billion.
Abu Dhabi’s real estate market has seen significant growth and strong performance in 2022 compared to 2021. The value of real estate transactions increased by 8.5% over the same period, while the number of transactions jumped by 27.2%. The development demonstrates the emirate’s resilience and reinforces the key role of Abu Dhabi’s real estate sector in diversifying the UAE’s economy.
DMT also announced seven new real estate investment zones in the emirate of Abu Dhabi by 2022. These investment areas were chosen for their diversity in project offerings, unit designs and affordability, making them attractive to a wide range of investors with varying preferences.
The recently announced investment zones significantly expand the total number of investment zones in the emirate, which will reach 25 by the end of 2022. These districts will be open to foreign investors, providing them with a wider range of investment opportunities.
Due to their strategic location, these investment zones offer competitive advantages, flexible markets and excellent infrastructure. Additionally, they provide a safe and stable environment, making them ideal for those looking to live, work or invest in the area.
Dr. Adeeb Al Afifi, Executive Director, Real Estate Sector, DMT, said: “In 2022, Abu Dhabi’s real estate market has achieved sustained positive results and high growth rates driven by a series of government policies and measures. This has not only broadened the scope of the real estate market investment options, but also increased transparency in this important sector. As a result, investor confidence in the real estate market has been strengthened, thereby strengthening Abu Dhabi’s position as one of the most attractive real estate investment destinations in the world”
Al Afifi added: “At the Ministry of Municipalities and Transport, we are committed to investing resources and developing the necessary solutions to provide a sustainable, developed and integrated infrastructure that meets society’s needs for facilities and services while enhancing the overall style and quality of life. Our focus is on establishing and implementing standardized procedures and laws, which is an extension of our leadership’s vision and contributes to the development of the real estate sector while boosting Abu Dhabi’s economic growth.”
Projects in Abu Dhabi’s New Real Estate Investment Zone:
These projects are located in several key areas in the emirate of Abu Dhabi. Bloom Holding is developing several projects in Abu Dhabi. The first is the “Bloom Living” project in Zayed City, a modern integrated residential complex offering numerous facilities and services. It includes more than 4,500 housing units, including villas, townhouses and apartments.
The first phase of “Cordoba” has started in March 2022 and is expected to be completed in the fourth quarter of 2024. The second phase of “Toledo” has also started and is expected to be completed in the second quarter of 2025.
In Al Shamkha, Abu Dhabi, Aldar Properties launched the Al-Reeman 2 project in June 2019. Phase one construction and development work is now 84% complete, including internal road paving and substation structural works. Construction work is underway and an irrigation water pumping station is under construction.
The first phase of the project included the release of 496 plots of land. The second phase has been launched and includes 1,111 villas with extensive designs and plans. The villas are available to buyers of all nationalities and are expected to be delivered in the last quarter of 2025 as part of the project’s master plan.
In Bahia, Yas Hills is being developed into an upscale, mixed-use global community, offering Yas Island amenities and transportation points to Abu Dhabi Airport, Dubai and other emirates of the country.
For the Mina Zayed project, Aldar Properties has started developing a site of approximately 1.5 million square meters in the Mina Zayed area. The project offers a unique waterfront destination that combines residential, commercial, cultural and tourist facilities.
The Barari Ain Al Faida project is located in the city of Al Ain, a prominent project near Jebel Hafeet and Green Mubazzarah. The project includes more than 3,000 plots, with green areas accounting for 60% of the total area.
It also has waterways, gardens, state-of-the-art facilities, schools, medical centers, mosques and commercial centers. The project is located near the Avenue Mall project which is about to start construction.
The Gateway project is developed by Eshraq Investment Company in partnership with “Northacre”, a luxury residential project in the Sas Al Nakhl area. The project includes spacious residential and commercial buildings in close proximity to retail shopping malls, international hotels and other amenities.
Finally, the Al Reef Villas and Mirzab projects in the Al Samha area were launched in late 2014. The Al Reef Villas project consists of a residential complex consisting of 860 villas, exceptional facilities, extensive green areas, and a well-developed infrastructure and road network.
As for the Mirzab project, all planning and building permits have been obtained. It consists of 19 basement and three-storey residential buildings, providing 739 housing units of various sizes.