Within the current COVID-19 Pandemic, the overall net worth of the real estate transactions within Abu-Dhabi upsurged around 28 percent to Dh74billion ($20.14Billion). It is backed on the brink of emirate’s overall procedures for aiding the property markets.
Citing as a report from the Department of Municipalities as well as Transport, the overall quantity of the property transactions attained 19,000 mark, that also includes Sales as well as Mortgages of the Land as well as properties and real estate units for all types, within this period, as reported from state News Agency WAM on Thursday.
The worth of real estate deals impressed Dh30bn via 8,000 transactions, whereas the worth of mortgage deals touched Dh44bn through 11,000 agreements. It did not deliver reasonable figures for the preceding year.
Adeeb Al Afeefi, Executive Director of the real estate sector at the department stated that: “The surge in the value of real estate transactions despite the extraordinary conditions resulting from the repercussions of the coronavirus pandemic on the global economy highlights the flexibility of the Abu Dhabi real estate market.”
Lands and buildings completed up the mainstream of mortgage transactions, with a value of Dh42.5bn, while real estate units described for 3.2 percent of whole real estate mortgages at Dh1.2bn in overall worth.
Of the total real estate deals, the auction of land and buildings totalled Dh25.3bn, while real estate elements’ value was Dh5bn, according to the data.
Mr Al Afeef stated that: “the department exempted individual investors and companies from 34 of real estate registration fees until the end of 2020 including 2 per cent sale and purchase fees, 2 per cent off plan sale fee and land exchange fees. The initiative is among several measures the department has taken to support the emirates real estate sector.”
Khalifa City noted the maximum value in terms of total sales at about Dh3.6bn, tracked by Yas Island with Dh3.3bn and Al Reem Island with Dh3bn, the statistics disclosed. According to a Chestertons report, the Average apartment prices in Abu Dhabi declined 3.8 percent the preceding year, with an overall rent deterioration of 4.8 percent.
Abu Dhabi’s villa sector witnessed a more moderate decline, with annual fall of 3.4 percent and 3.6 percent across prices and rents, respectively.