Abu Dhabi, 3 March 2023: The Department of Municipalities and Transport (DMT) revealed that the UAE capital’s real estate market recorded 19,033 transactions, reaching a total value of AED 77.6 billion in 2022.
As per the Department's reports, the emirate's real estate sector recorded 9,010 sales transactions worth 23.5 billion dirhams and 10,023 mortgage transactions worth AED 54.1 billion
Yas Island topped the list with transactions worth AED 4.2 billion with Al Reem Island coming in at second place with transactions worth AED 3.4 billion. With AED 3.1 billion, Saadiyat Island came in third, while Al Shamkha came in fourth with AED 2.1 billion. And finally, Zayed City came in fifth with one billion dirhams.
The real estate market in Abu Dhabi saw significant growth and strong performance in 2022 compared to 2021. The value of real estate transactions rose by 8.5%, while the number of transactions jumped by 27.2% in the same period. This progress demonstrates the Emirate’s resilience and reinforces the key role of Abu Dhabi’s real estate sector in diversifying the UAE’s economy.
DMT has also announced seven new real estate investment areas in the Emirate of Abu Dhabi for 2022. These investment areas have been chosen for their diversity in project offerings and unit designs, as well as their affordability, making them appealing to a wide range of investors with varying preferences.
The recently announced investment zones constitute a noteworthy expansion to the emirate's total number of investment zones, which will reach 25 by the end of 2022. These zones will be open to foreign investors, providing them with an extended range of investment opportunities. Due to their prime location, these investment zones offer a competitive edge, flexible markets, and outstanding infrastructure. Moreover, they provide a secure and stable environment that makes them ideal for those who seek to live, work, or invest in the region.
H.E. Dr Adeeb Al Afifi, Executive Director of the Real Estate sector at DMT, said: “In 2022, the real estate market in the Emirate of Abu Dhabi has sustained positive outcomes and high growth rates, thanks to a range of government policies and measures. This has not only broadened investment options in the real estate market but has also increased transparency in this vital sector. As a result, investor confidence in the real estate market has strengthened, enhancing Abu Dhabi's position as one of the most attractive global destinations for real estate investment.”
H.E. Al Afifi Added: “The Emirate of Abu Dhabi is an ideal investment destination, offering new regions, investment opportunities, and vital locations that cater to a diverse range of individuals and investors. At the Department of Municipalities and Transport, we are committed to investing in resources and devising necessary solutions to provide a sustainable, developed, and integrated infrastructure that meets the societal needs for facilities and services, while also enhancing the overall style and quality of life. Our focus is to establish and implement standardised procedures and laws, which are an extension of our leadership’s vision, and contribute to the growth of the real estate sector while enhancing economic growth in Abu Dhabi.”
The projects in the new real estate investment areas in the Emirate of Abu Dhabi:
The projects are in several key areas in the Emirate of Abu Dhabi. Bloom Holding is developing several projects in key areas in the Emirate of Abu Dhabi. The first of these is the “Bloom Living” project in Zayed City, which is a modern and integrated residential complex that offers numerous facilities and services. It includes over 4,500 housing units consisting of villas, townhouses, and apartments. The first phase, called "Cordoba," was launched in March 2022, and it is scheduled to be completed by the last quarter of 2024. The second phase, called "Toledo," has also been launched and is expected to be completed by the second quarter of 2025.
In Al Shamkha area in Abu Dhabi city, Aldar Properties launched the Al-Reeman 2 project in June 2019. The first phase of construction and development work is now 84% complete, including internal road paving and structural work for substations. Construction work is ongoing, and a pumping station for irrigation water is being built. The first phase of the project consisted of the release of 496 land plots. The second phase, which includes 1,111 villas with a wide range of designs and plans, has been launched. These villas are available to buyers of all nationalities and are expected to be delivered by the last quarter of 2025 as part of the project's master plan.
While in Al Bahia area at the heart of the new Abu Dhabi city, Yas Hills is being developed as an upscale, multi-use global community and provides access to the facilities of Yas Island and transportation points to Abu Dhabi Airport, Dubai, and other emirates of the country. The project is conveniently located just five minutes away from Ferrari World, 20 minutes from the Corniche in Abu Dhabi, and 45 minutes from Dubai.
Aldar Properties has initiated the development of land plots spanning approximately 1.5 million square meters in the Mina Zayed area for the Mina Zayed project. This project offers a distinctive waterfront destination with a blend of residential, commercial, cultural, and tourist facilities.
The Barari Ain Al Faida project is situated in Al Ain city and is a distinguished project located near Jebel Hafeet and the Green Mubazzarah. The project comprises more than 3,000 plots of land, with green spaces occupying 60% of the total area. It also features water channels, gardens, advanced facilities, schools, medical care centres, mosques, and commercial centres. The project is located near the upcoming Avenue Mall project, which is scheduled to be built in the near future.
The Gateway project, being developed by Eshraq Investment Company in collaboration with "Northacre," is a luxury residential project situated in the Sas Al Nakhl area. The project offers an architectural design that meets the highest technical standards and the finest specifications, providing a modern lifestyle for both businessmen and residents. It comprises spacious residential and commercial buildings and is conveniently located close to commercial shopping centres, international hotels, and other amenities.
Finally, Al Reef Villas and Mirzab projects, located in the Al Samha area, were launched at the end of 2014. Al Reef Villas project consists of a residential complex that comprises 860 villas, special facilities, extensive green spaces, and well-developed infrastructure and road networks. As for the Mirzab project, all planning and building permits have been obtained, and it comprises 19 residential buildings with a ground floor and three floors, providing 739 housing units of various sizes.