Sunday , March 7 2021

Abu Dhabi records AED74b in real estate transactions in 2020

ABU DHABI / WAM

The value of real estate transactions in Abu Dhabi in 2020 totalled AED74 billion, with 19,000 transactions being executed, including sales and mortgages of land, buildings and real estate units for all types of land use, a rise of 28 percent compared to 2019, which recorded a value of AED58 billion.
A report by the Department of Municipalities and Transport on the emirate’s annual real estate transactions indexes pointed out that real estate sales in 2020 amounted to AED30 billion totalling 8,000 transactions while mortgages accounted for AED44 billion.
Sale of lands and buildings reached AED25.3 billion totalling 4,647 transactions with real estate units at value of AED 5 billion through 3,427 transactions.
In 2020, the value of real estate mortgages amounted to AED44 million totalling 11,000 transactions. Lands and buildings made up the majority of these transactions, with a value of AED42.5 billion, accounting for 96.8 percent of the total value of mortgages made through 7,730 deals while real estate units accounted for 3.2 percent of total real estate mortgages, equivalent to AED1.2 billion made over 933 transactions.
Dr Adeeb Al Afeefi, Executive Director of the Real Estate Sector in the Department of Municipalities and Transport, stated that the surge in value of real estate transactions despite the extraordinary conditions resulting from the repercussions of the coronavirus (Covid-19) pandemic on the global economy highlights the flexibility of the Abu Dhabi real estate market, noting the key procedures adopted by the department last year to support the real estate sector, such as exempting investors, both individuals and companies, from fees covering 34 real estate registration services until the end of 2020.
The Department of Municipalities and Transport data showed Khalifa City has the highest value in terms of total sales at about AED3.6 billion followed by Yas Island with AED 3.3 billion and Al Reem Island at AED 3 billion.
The Department of Municipalities and Transport has exempted individual investors and companies from 34 of real estate registration fees until the end of 2020 including 2 percent sale and purchase fees, 2 percent off plan sale fee and land exchange fees, mortgage registration, mortgage transfers, mortgage amendments and mortgage redemption.

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