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Abu Dhabi real estate sees positive growth, deals hit Dh71billion in 2021

Figures indicate investor confidence in Abu Dhabi’s property market, official says.



by

Ashwani Kumar

Published: Fri 18 Feb 2022, 5:27 PM

The total value of Abu Dhabi’s real estate transactions crossed Dh71 billion last year with better growth expected in 2022, a top official said.

A total of 14,958 transactions valued at Dh71.5 billion were made last year reflecting a positive trend amid the pandemic, said Dr Adeeb Al Afifi, executive director of real estate at the Department of Municipalities and Transport.

“It’s positive. There is growth. The demand for real estate clearly grew last year. In 2022, we see better growth,” Dr Al Afifi told Khaleej Times.

The real estate sector recorded 7,262 sales transactions worth Dh18.2 billion and 7,696 mortgage transactions worth Dh53.3 billion.

Dr Al Afifi noted that the figures indicate the investor confidence in Abu Dhabi’s property market.

“We look forward to providing more distinctive and innovative services and providing periodic data and information that will undoubtedly enhance the attractiveness of the Abu Dhabi real estate market.”

Top areas of real estate transactions were: Yas Island (Dh4.1 billion), Al Reem Island (Dh3.2 billion), Saadiyat Island (Dh2.5 billion), Forest Belt Al Jarf project (Dh1.1 billion) and Khalifa City (Dh915 million).

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“Our strategy shows there will be an increase in transactions in real estate,” he said.

Asked if the prices of property would go up, Dr Al Afifi pointed out that Abu Dhabi is a “free market” and the prices depend on the demand and supply.

“The prices also depend on the developers and the new projects,” he added.

ashwini@khaleejtimes.com


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