ABU DHABI, (Pakistan Point News - 21st May, 2020) Statistics released by the Department of Municipalities and Transport, DMT, today revealed that the value of real estate transactions in Abu Dhabi increased by 34 percent to reach AED6.3 billion by the end of last April, through 2,617 real estate deals, compared to AED4.6 billion through 1,840 deals during the same period last year.
The department’s data indicated that mortgages acquired 60 percent of the total real estate transactions in April 2020, and increased by 100 percent in April 2020 at up to AED3.8 billion, which was made through 1,170 mortgage transactions, compared to the same period in 2019 with mortgages worth AED1.9 billion, through 598 mortgage transactions.
Statistics also showed that the value of buying and selling operations in April 2020 reached some AED2.5 billion, made through 1,447 transactions, compared to AED2.8 billion during the same period last year, through 1,242 transactions.
Dr. Adeeb Alafeefi, Managing Director of the real estate sector at the DMT, said, "Based on the directives of the wise leadership to support business sectors during these exceptional circumstances, the Abu Dhabi real estate market has maintained its vitality, position and excellence despite these unprecedented repercussions caused by the coronavirus on the global economy and its repercussions on real estate markets around the world."
He added, "The incentive plans launched by the UAE government and the economic support plan of the central bank along with the economic incentives package launched by the Abu Dhabi Executive Council, according to which the DMT has exempted individuals and companies from 34 real estate registration fees until the end of 2020, all contributed to providing sufficient flexibility and helping the real estate market in Abu Dhabi respond to the current circumstances and continue its growth and maintain the momentum of its transactions."
The DMT's exemptions include two percent of sale contracts, two percent fees of the sale on the plan, in addition to other fees such as land exchange fees, mortgage registration, mortgage transfer, mortgage amendment and mortgage redemption.
The data indicated that Yas Island has the highest value of the total real estate transactions in April 2020 with some AED771 million, followed by Al Reem Island with some AED279 million, Saadiyat Island with some AED270 million, Al Reef region with AED254 million and Al-Faqa region with some AED159 million.
The total real estate transactions in Abu Dhabi increased by 22 percent in the first quarter of this year to reach AED19.2 billion, compared to some AED15.8 billion during the same period last year.
