Media ININ Economy We Trust
Abu Dhabi, May 3 The real estate sector achieved steady growth during the first quarter of this year, and the first three months witnessed the registration of 5472 real estate disposal transactions worth 27.9 billion dirhams, compared to 3304 transactions worth 11.3 billion dirhams during the same period in 2022.
According to official data issued by the Department of Municipalities and Transport, the total value of real estate transactions in Abu Dhabi increased during the first quarter of this year by 147% compared to the same period last year, and the number of transactions increased by 66% during the same period.
The results of the real estate trading indicators issued by the department showed that the real estate sector in the emirate registered during the first quarter of this year 3518 real estate purchase and sale transactions worth 16.2 billion dirhams, compared to 1722 buying and selling transactions worth 4.4 billion dirhams that were recorded during the first quarter of last year. An increase in the total value of real estate purchase and sale transactions by 268% compared to the same period last year, while the increase in the percentage of transactions during the same period reached 104%.
In parallel, the figures of the Department of Municipalities and Transport recorded a significant increase in the value and number of mortgage transactions in this period of the year, as 1954 mortgage transactions were recorded, during the period from the first of January to the end of March 2023, with a value of 11.7 billion dirhams, compared to With 1582 transactions worth 6.9 billion dirhams during the first quarter of last year, an increase of 70% in the value of transactions, and an increase in their number by 24% during the same period.
Within these transactions, the number of new investors in the first quarter of this year reached 1,769 investors, compared to 1,244 investors during the first quarter of last year, with an increase of 42% in the number of investors. The percentage of non-resident investors during this period of the year was 10.71%. Compared to 6.10%, the percentage of non-resident investors during the first quarter of last year, with an increase of 75% in the number of non-resident investors in the country.
His Excellency Dr. Adeeb Al-Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, said: “The significant increase in real estate transactions in Abu Dhabi during the first quarter of this year showed a momentum in the volume of growth for the real estate sector in Abu Dhabi, and it also represented an indication of the high demand on the real estate market.” In the Emirate, where this increase in the value and number of real estate deals is a reflection of the confidence of investors in the real estate market in Abu Dhabi, which came as a result of the initiatives, incentives and legislative frameworks set by the Abu Dhabi Government, which in turn strengthened the environment and investment climate in the Emirate.We expect this growth to continue during the year. By 2023, we will remain committed to continuing to support the growth of this sector and to enhance its contribution to the efforts of economic diversification and sustainable development in the Emirate of Abu Dhabi.”
