74 billion AED of real estate transactions in Abu Dhabi during 2020, with a growth of 28%
30 billion AED of real estate purchases and 44 billion AED of total mortgage transactions
The total value of real estate transactions in the Emirate of Abu Dhabi during the past year reached 74 billion AED, through 19,000 transactions, including sales and mortgages of land, buildings and real estate units for all types of land use, with a growth of 28%, compared to the value of transactions during 2019, which amounted to 58 billion AED, from 18,800 transactions.
A report issued by the Department of Municipalities and Transport (DMT) on the indicators of annual real estate transactions in the Emirate showed that the value of sales of total real estate transactions during 2020 amounted to 30 billion AED through 8,000 transactions, while the value of mortgages reached 44 billion AED through 11,000 mortgage transactions.
Real estate sales were distributed over land, buildings and units, with the value of land and buildings sales amounting to 25.3 billion AED through 4,647 deals, while the share of real estate units accounted for 5 billion AED through 3,427 deals.
The value of mortgages during the past year amounted to 44 billion AED through 11,000 mortgage transactions, as land and buildings acquired the vast majority of those mortgages with a value of 42.5 billion AED, or 96.8% of the total value of mortgages, through 7,730 deals. The share of real estate units in the total value of real estate mortgages during the past year represented 3.2%, or 1.2 billion AED, through 933 transactions.
Commenting on these results, H.E. Dr. Adeeb Al-Afifi, Executive Director of the Real Estate Sector at DMT, affirmed that the rise in the value of real estate transactions despite the exceptional circumstances due to the repercussions of the spread of Covid-19, which has cast a shadow on the global economy, reflects the strength and flexibility of the real estate market in Abu Dhabi, indicating the importance.
The procedures and initiatives revealed by DMT during the past year in support of the real estate sector, exempted individual and corporate investors from 34 real estate registration service fees until the end of 2020, including, the sale and purchase fee of 2%, as well as, fees for land exchange, registration of a mortgage, transfer of a mortgage, amendment of a mortgage, and mortgage redemptions.
Highest Sales Transaction Area
Khalifa City topped the list of real estate transactions with a value of AED 3.6 billion, followed by Yas Island with AED 3.3 billion. Al Reem Island came in third place with AED 3 billion. Al Saadiyat Island ranked fourth with a total value reached AED 2.5 billion, then Al Raha Beach with AED 1.4 billion
It is worth to mention that the annual report issued by DMT on the performance of the real estate market in the emirate represents its commitment to transparency and sharing of data and statistics that help investors and those interested in real estate in the decision-making process, and support the efforts dedicated to achieve a comprehensive and sustainable development in the Emirate of Abu Dhabi.