- Al Reem Island recorded the highest value of transactions at AED 4.37 billion
- First report released by Department of Urban Planning and Municipalities to promote transparency
Abu Dhabi generated transactions worth AED 31 billion in the real estate market in the first six months of 2019, according to data from the Department of Urban Planning and Municipalities (DPM). In all, 10,000 deals were recorded in the market.
Al Reem Island proved to be the most sought-after location by investors, recording transactions worth AED 4.37 billion. It was followed by Al Reef with deals worth around AED 1.8 billion, and Yas Island with around AED 1.6 billion worth of transactions.
The emirate registered a total of 6,374 property sales worth AED 12.5 billion, while the number of mortgages recorded were 3,712 with a total value of AED 18.5 billion, reflecting the confidence of banks in the sector.
This is the DPM’s first bi-annual report on real estate transactions in Abu Dhabi. It has been introduced with the aim to increase the level of transparency for investors and businesses, thereby boosting confidence and improving the ease of doing business in the sector.
In April, the Abu Dhabi Government permitted foreigner ownership of freehold property in designated investment zones. The move is designed to support and develop the business environment and increase foreign direct investment into the emirate.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.