SAWT BEIRUT INTERNATIONAL

| 7 December 2022, Wednesday |

Abu Dhabi records $19.4bn in property transactions in 2021

As the UAE’s property market continues to recover from the coronavirus-induced downturn, Abu Dhabi recorded real estate sales worth Dh71.5 billion ($19.4 billion) in 2021.

According to a study released by Abu Dhabi’s Department of Municipalities and Transport, the total number of sales and mortgage deals reached 14,958 last year.

Yas Island was the best-performing location, with Dh4.1 billion in sales, followed by Reem Island (Dh3.2 billion) and Saadiyat Island (Dh1.2 billion) (Dh2.5bn).

“The new results demonstrate Abu Dhabi’s continued attractiveness as a top metropolis for investment and living,” said Adeeb Alafeefi, executive director of the department’s real estate division.

On the back of government reforms such as the new resident visa program for retirees and the golden visa initiative, amended restrictions on company ownership, and amendments to the labor code, the UAE’s property market has made a remarkable recovery from the Covid-19 slump.

Property sales have been boosted by pent-up demand and increased investor mood as the economy has picked up.

“The improvements have been warmly received,” according to a research by real estate firm Asteco. “This trend is projected to continue in the short-to-medium term [in Abu Dhabi].”

Villas in particular were in high demand in 2021, with sales prices increasing by 14% on an annual basis, owing to established communities on Saadiyat Island and Yas Island.

“The scarcity of high-quality completed villas for sale on the market has aided in the increase in sales prices.” “New off-plan villa developments and completed villas have continued to garner positive feedback, with a focus on the popular high-quality villa communities,” Asteco stated.

Apartment sales increased as well, particularly in the second half of the year, with average prices up 2% year over year, according to the report.

Villas in particular were in high demand in 2021, with sales prices increasing by 14% on an annual basis, owing to established communities on Saadiyat Island and Yas Island.

“The scarcity of high-quality completed villas for sale on the market has aided in the increase in sales prices.” “New off-plan villa developments and completed villas have continued to garner positive feedback, with a focus on the popular high-quality villa communities,” Asteco stated.

Apartment sales increased as well, particularly in the second half of the year, with average prices up 2% year over year, according to the report.

According to Asteco, some 7,300 residential units were handed over in the city last year, including 7,000 apartments and 300 villas. The majority of the supplies were sent to Al Raha Beach, as well as Yas and Reem Islands.

It is estimated that close to 8,500 apartments and 300 villas will be completed this year to meet rising demand.

According to the research, “a number of fresh project announcements are likely in 2022.”

    Source:
  • The National News