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REAL ESTATE

Abu Dhabi records real estate deals worth Dh58 bn in 2019

Abu Dhabi real estate deals

Deals includes sales and mortgages of lands, buildings and real estate units

The real estate sector in Abu Dhabi recorded deals worth Dh58 billion in 2019, according to the Department of Municipalities and Transport. Around 19,000 real estate deals were signed during the period.

The real estate deals completed in Abu Dhabi includes sales and mortgages of land, buildings and real estate units.

The report by the Department of Municipalities and Transport also reveals that the value of mortgages during 2019 reached Dh37.4 billion through 8,663 transactions.

Reportedly, Al Reem Island topped the list of areas with the most real estate transactions at a combined Dh6.52 billion, followed by Yas Island with Dh3.425 billion, Al Reef with Dh2.293 billion, Al Shamkha at Dh1.078 billion, Khalifa City with Dh687 million and Al Faqa at Dh303 million.

Hamad Al Mutawa, executive director of operations affairs at the Department of Municipalities and Transport told the media, “The number of real estate deals were a result of the appropriate payment plans, offers and various facilities offered by several developers along with the low-interest rates offered by mortgage loan providers from banks and financing institutions.”

Various initiatives undertaken by the government of Abu Dhabi is expected to stimulate Abu Dhabi’s real estate market this year. According to a new report by global consultancy CBRE, around 28,000 residential units will enter Abu Dhabi’s property market between 2020 and 2023.

The Golden Card residency programme that offers 10 years of permanent residency to investors is also expected to help the real estate sector in Abu Dhabi grow.

Simon Townsend, head of Strategic Advisory at CBRE told the media that the Abu Dhabi government’s ongoing commitments to introducing initiatives that promote economic growth are very promising.

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