Today's Edition
HALA AL-KHAYYAT (ABU DHABI) The real estate sector in Abu Dhabi has witnessed continuous growth since the beginning of this year, with real estate transaction indices showing that the sector recorded 14,974 sales and mortgage transactions as of the end of September, at a value of Dh57.9 billion. According to the data published on the “Dari” real estate platform, affiliated with the Department of Municipalities and Transport, there were 9,861 real estate sales transactions with sales amounting to Dh36.7 billion in the first three quarters of this year. Out of these, 3,038 sales transactions were made during the first quarter of the year, with a value of Dh14.4 billion. The second quarter of 2023 witnessed 3,098 real estate sales transactions, valued at Dh8.2 billion. The third quarter of the current year recorded 3,725 sales transactions worth Dh14.1 billion. Data from the Department of Municipalities and Transport also showed a significant increase in the value and number of real estate mortgage transactions during this period. There were 5,113 mortgage transactions recorded, valued at Dh21.2 billion. Of these, 1,856 mortgage transactions took place during the first quarter of the year, amounting to Dh6.9 billion, 1,721 transactions during the second quarter, valued at Dh9 billion, and 1,536 transactions occurred in the third quarter of 2023, worth Dh5.3 billion. The Department of Municipalities and Transport introduced several strategic measures to achieve the wise leadership’s vision to promote sustainable growth in Abu Dhabi’s real estate sector, as reflected in its global standing as one of the most attractive markets for real estate investment. The Department anticipates further growth through investment opportunities before the end of this year, especially with the introduction of more new, high-quality projects underway. Recently, seven investment zones have been established in Abu Dhabi and its suburbs, where foreign ownership is allowed. Some of the most prominent investment areas where both citizens and non-citizens are permitted to own properties include the Al Shamkha area, Shakhbout City, Ramhan Island, Al Raha Beach, Al Reem Island, Al Reef area, Lulu Island, Saadiyat Island, Yas Island, Seih Al Sedira, Masdar City, Al Maryah Island, Fahid Island, Hadd Al Saadiyat project, land number 11 in Al Jurf basin, Nwari Island, Al Jubail Island, and Breakwater. Adopting investment zones and freehold ownership in these areas is an attractive factor in property purchases. Smart applications like the “Dari” app have facilitated processes, making it easy to monitor the progress of any real estate project. These platforms have also contributed to increasing the transparency index in the real estate market. Last August, the Department of Municipalities and Transport recorded the biggest apartment sale in Abu Dhabi, when a French investor purchased an apartment worth Dh60 million in the Louvre Abu Dhabi Residences project by Aldar Properties, reflecting the immense trust investors have in Abu Dhabi’s real estate market. 7 investment zones have been established in Abu Dhabi and its suburbs where foreign ownership is allowed
