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Abu Dhabi sees 19000 real estate transactions in 2020 worth Dh74 bn

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This is a 28% increase year-on-year when compared to the Dh58 billion recorded in 2019

Abu Dhabi has recorded around 19,000 real estate transactions worth Dh74 billion in 2020, media reports said. This is a 28 percent increase when compared to the Dh58 billion recorded in 2019. The data are revealed in a report by the Department of Municipalities and Transport.

The report further revealed that around 11,000 real estate mortgage transactions were completed during the period amounting to Dh44 million. Lands and buildings made up the majority of these transactions, with a value of Dh 42.5 billion, accounting for 96.8 percent of the total value of mortgages made through 7,730 deals. While Khalifa City has the highest value in terms of total sales followed by Yas Islands and Al Reem Island in second and third respectively.

Recently, it was also reported that Dubai’s real estate sector recorded around 51,414 sales transactions worth Dh175 billion in 2020 despite the coronavirus pandemic and economic uncertainties, according to a report by the Dubai Land Department (DLD). During the period, Dubai attracted 31,648 new investors and investments worth over Dh73.2 billion.

Sultan Butti bin Mejren, Director General of DLD told the media, “Dubai’s robust investment environment and its ability to adapt to various circumstances, guided by the leadership’s strategic vision to strengthen the capabilities of the emirate’s real estate sector.

The 51,414 transactions recorded in 2020 validate the success of the government incentive packages that enhanced the market’s attractiveness and provided several opportunities for investors and developers who were keen to continue construction and deliver projects accordingly.”

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