Abu Dhabi completes Dh11.5bn of property transactions in Q1

Reem Island was the area with the highest value of deals, followed by Abu Dhabi Island

Al Reem Island recorded sales worth Dh1.6 billion. Victor Besa/The National.

Real estate transactions worth Dh11.5 billion were completed during the first quarter of this year in Abu Dhabi. Delores Johnson / The National

Yas Island registered real estate deals worth Dh649m in the first three months of this year. Victor Besa / The National

A Valustrat Price index measuring residential values in the capital increased for the second quarter in succession during the first three months of the year. Delores Johnson / The National

Khalifa City was one the top five popular areas for property sales in the first quarter this year. Ravindranath K / The National

General view Nurai Island off the coast of Abu Dhabi. Christopher Pike / The National

Real estate transactions worth Dh11.5 billion ($3.1bn) were completed during the first quarter of this year in the UAE capital, according to Abu Dhabi's Department of Municipalities and Transport.

The deals covered 3,847 pieces of land, buildings and real estate units.

About Dh5bn of the deals involved real estate transactions and Dh6.5bn covered mortgage transactions.

A comparative figure was not provided, but the department announced first quarter deals of Dh19.2bn for 2020 in April last year, before business and travel interruptions were brought about by the Covid-19 pandemic.

“We always make sure to publish these periodic reports, as we understand that consumers are led by market transparency, dynamism and proactivity when it comes to developing sustainable markets," Adeeb Al Afeefi, executive director of the DMT's real estate sector, said. "We are fully confident that our long-term approach will contribute to Abu Dhabi's success and strategy, which has set an outstanding global example on how to overcome the economic, health and social challenges imposed by last year's pandemic."

The most popular area in terms of property sales was Reem Island (Dh1.6bn), followed by Abu Dhabi Island (Dh907m). Yas Island (Dh649m), Saadiyat Island (Dh446m) and Khalifa City made up the top five.

Land sales made up 66 per cent of the real estate transactions, with sales of property units making up the rest. About 96 per cent of the mortgage deals arranged were also for land plots.

A Valustrat Price index measuring residential values in the capital increased for the second quarter in succession during the first three months of the year for the first time since 2016, the consultancy said in a report last week.

Emirate-wide capital values ticked up by less than 1 per cent quarter-on-quarter, but were still 2.6 per cent lower year-on-year.

The average asking price was Dh12,070 per square metre for apartments and Dh9,691 for villas.

Most popular areas in Abu Dhabi for property sales in Q1 2021

• Reem Island
• Abu Dhabi Island
• Yas Island
• Saadiyat Island
• Khalifa City