Abu Dhabi property transactions surpass $5.7bn in third quarter

Yas Island recorded transactions worth Dh272m, while Saadiyat Island was also popular among investors

Villas overlooking the new Yas Acres Golf and Country Club on Yas Island, Abu Dhabi. Khushnum Bhandari / The National

Abu Dhabi's property market recorded 4,441 transactions amounting to $5.7 billion (Dh21.04bn) in the third quarter, showing the sector's strong growth, according to the Department of Municipalities and Transport.

The emirate recorded 1,995 sales worth Dh5.39bn, and 2,446 mortgage transactions worth Dh15.64 billion, as the market continues to recover from the pandemic-induced slowdown.

In comparison, transactions for the third quarter of 2021 reached a total of Dh16.2bn.

“The real estate market in the emirate of Abu Dhabi continues to achieve outstanding results and continuous and sustainable growth,” said Adib Al Afifi, executive director of the Real Estate Sector at DMT.

“By providing more options for investment in the real estate market and increasing the transparency of this vital sector contributes to the strengthening of Abu Dhabi’s global position as one of the most lucrative destinations for real estate investment.”

Yas Island topped the list for highest value of transactions with Dh1 billion ($272 million). It was followed by Saadiyat Island with Dh929m worth of transactions during the period from July to September.

Al Shamkha ranked third with Dh641m, followed by Reem Island with Dh541m, Khalifa City with Dh208m and Mohamed bin Zayed City with Dh182m.

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The UAE economy, which rebounded strongly from the pandemic-induced slowdown last year, has picked up pace this year. The Arab world's second-largest economy is set to expand by 5.4 per cent this year, according to the UAE Central Bank.

Business activity in the UAE’s non-oil private sector economy continued to improve in October as new business and output climbed, along with a rise in demand and employment.

The seasonally adjusted S&P Global purchasing managers’ index climbed to 56.6 in October, up from 56.1 in September. A reading above the neutral level of 50 indicates growth, while one below it points to a contraction.

DMT said in July that Abu Dhabi recorded 7,474 property transactions worth more than Dh22.51bn in the first six months of the year.

Major property projects have been launched in the capital this year, including Aldar Properties' Saadiyat Lagoons, Yas Park Gate and Grove District on Saadiyat Island.

Other projects include Reem Hills on Reem Island, Bloom Living, close to Abu Dhabi International Airport, and the second phase of Imkan's Riviera development on the coast between Abu Dhabi and Dubai.