Media ININ Economy We Trust
The value of real estate transactions in Abu Dhabi during the first half of this year amounted to about 37 billion dirhams, for 8,100 sales and mortgage transactions, according to official indicators of the Department of Municipalities and Transport.
The data showed that the real estate market witnessed an active movement during 2023 in direct real estate sales transactions or in terms of mortgage transactions executed through banks and real estate purchase financing programs in the local market. Total trading increased during the last period of this year by 63.7%, with an additional value of about 14.4 billion dirhams, compared to the total value of trading in the first half of 2022, which amounted to 22.6 billion dirhams.
The trading indicators and the list of sold projects during the first half reflected the increase in the number of real estate units offered in the market and the multiplicity of real estate investment areas, with the keenness of developers to increase the alternatives offered in the market. This attracts wider segments of solvency investment seekers desiring freehold ownership, relying on financial solvency or funding sources and the expansion of mortgage operations.
Realized trades
The data of the transactions achieved from the beginning of January until the end of last June showed that the sale acquired a share of 56.7% of the total proceeds of transactions, at a value of 21 billion dirhams, for 5,639 transactions that constituted 69.9% of the total number of real estate transactions transactions over the period. The patterns of sales transactions were divided into off-plan sales activities, which accounted for the largest share of about 64% of the number of sales transactions in the six months, with a total of 3,613 transactions and a proceeds of 10.8 billion dirhams, while the share of ready-made real estate was about 36% of the total number of sales transactions with about 2026 transactions and a proceeds amounted to 10.6 billion dirhams. Mortgage transactions accounted for 43.3% of the total value of transactions, achieving 16 billion dirhams. The number of mortgage transactions during the last period of the year was about 3,500 transactions.
Demand diversification
Data for monitoring the largest deals throughout the first half shows the diversity of demand for real estate projects in the market, providing different levels of real estate units, especially in the freehold areas that attracted the largest transactions, led by the “Al Reem” and “Saadiyat” and “Yas” islands, as well as the “Al Shamkha” areas. », «Al Jurf» and other areas of the emirate with high attraction for real estate investment.
