A record value of $3.1 billion (AED 11.5 billion) reached for the first quarter of the year 2021 in real estate transactions of Abu Dhabi. This includes approximately 3,847 lands, buildings, and unit deals.

The value of the mortgages exceeded AED 6.5 billion that was generated by 2,092 transactions, while the real estate transactions’ value was AED 5 billion that covered 1.755 transactions. The data was announced by the Department of Municipalities and Transport in the first report of this year.

As per the report of Al Reem, the highest total sales reached AED 1.6 billion during the first quarter of the year 2021. It was followed by Abu Dhabi Island with an amount of AED 907 million.

With this, Yas Island landed in the third position in terms of the totals sales at AED 649 million. This was followed by Saadiyat Island with AED 446 million, Khalifa City with AED 225 million, and Al Raha Beach with AED 196 million. The rest of the sales were distributed in several regions of Abu Dhabi.

During the initial quarter of the year 2021, the real estate was divided across land, buildings, and units. 66 percent of the land was made up of total sales during the same period with the total value of AED 3.2 billion made through 777 transactions. The total share of the real estate units in the aggregate sales during the first quarter of the year totaled 34 percent sales. It was valued as AED 1.7 billion, which covered 978 transactions.

The land comprising the major of mortgages with a value of AED 6.2 billion (96 percent of the aggregate value), the units real estate share in the aggregate value of the mortgages accounted for 4 percent that equals to around AED 242 million with 156 transactions. The mortgages exceeded AED 6.5 billion, reflecting banks’ confidence in the real estate market of Abu Dhabi with a positive outlook.

Source: Arabian Business