Abu Dhabi’s real estate sector recorded 9,010 sales transactions worth $6.40bln and 10,023 mortgage transactions worth $14.74bln
ABU DHABI – The Department of Municipalities and Transport (DMT) has revealed that the UAE capital’s real estate market recorded 19,033 transactions, reaching a total value of AED77.6 billion in 2022.
As per the Department’s reports, the emirate’s real estate sector recorded 9,010 sales transactions worth AED23.5 billion and 10,023 mortgage transactions worth AED54.1 billion
Yas Island topped the list with transactions worth AED4.2 billion, with Al Reem Island coming in second place with transactions worth AED3.4 billion. With AED3.1 billion, Saadiyat Island came in third, while Al Shamkha came in fourth with AED2.1 billion. Finally, Zayed City came in fifth with AED1 billion.
The real estate market in Abu Dhabi saw significant growth and strong performance in 2022 compared to 2021. The value of real estate transactions rose by 8.5 percent, while the number of transactions jumped by 27.2 percent in the same period. This progress demonstrates the Emirate’s resilience and reinforces the key role of Abu Dhabi’s real estate sector in diversifying the UAE’s economy.
DMT has also announced seven new real estate investment areas in the Emirate of Abu Dhabi for 2022. These investment areas have been chosen for their diversity in project offerings, unit designs and affordability, making them appealing to a wide range of investors with varying preferences.
The recently announced investment zones constitute a significant expansion to the emirate’s total number of investment zones, reaching 25 by the end of 2022. These zones will be open to foreign investors, providing them with an extended range of investment opportunities.
Due to their prime location, these investment zones offer a competitive edge, flexible markets, and outstanding infrastructure. Moreover, they provide a secure and stable environment that makes them ideal for those who seek to live, work, or invest in the region.
Dr. Adeeb Al Afifi, Executive Director of the Real Estate sector at DMT, said, “In 2022, the real estate market in Abu Dhabi has sustained positive outcomes and high growth rates, thanks to a range of government policies and measures. This has not only broadened investment options in the real estate market but has also increased transparency in this vital sector. As a result, investor confidence in the real estate market has strengthened, enhancing Abu Dhabi’s position as one of the most attractive global destinations for real estate investment.”
Al Afifi added, “At the Department of Municipalities and Transport, we are committed to investing in resources and devising necessary solutions to provide a sustainable, developed, and integrated infrastructure that meets the societal needs for facilities and services, while also enhancing the overall style and quality of life. Our focus is to establish and implement standardised procedures and laws, which are an extension of our leadership’s vision, and contribute to the growth of the real estate sector while enhancing economic growth in Abu Dhabi.”
The projects in the new real estate investment areas in Abu Dhabi:
The projects are in several key areas in the Emirate of Abu Dhabi. Bloom Holding is developing several projects in Abu Dhabi. The first is the “Bloom Living” project in Zayed City, a modern and integrated residential complex offering numerous facilities and services. It includes over 4,500 housing units consisting of villas, townhouses, and apartments.
The first phase, “Cordoba,” was launched in March 2022 and is scheduled to be completed by the last quarter of 2024. The second phase, “Toledo,” has also been launched and is expected to be completed by the second quarter of 2025.
In Al Shamkha in Abu Dhabi, Aldar Properties launched the Al-Reeman 2 project in June 2019. The first phase of construction and development work is now 84 percent complete, including internal road paving and structural work for substations. Construction work is ongoing, and a pumping station for irrigation water is being built.
The project’s first phase consisted of releasing 496 land plots. The second phase, which includes 1,111 villas with a wide range of designs and plans, has been launched. These villas are available to buyers of all nationalities and are expected to be delivered by the last quarter of 2025 as part of the project’s master plan.
In Al Bahia, Yas Hills is being developed as an upscale, multi-use global community and provides access to the facilities of Yas Island and transportation points to Abu Dhabi Airport, Dubai, and other emirates of the country.
For the Mina Zayed project, Aldar Properties has initiated the development of land plots spanning approximately 1.5 million square metres in the Mina Zayed area. This project offers a distinctive waterfront destination with a blend of residential, commercial, cultural, and tourist facilities.
The Barari Ain Al Faida project is situated in Al Ain city and is a distinguished project near Jebel Hafeet and the Green Mubazzarah. The project comprises over 3,000 plots, with green spaces occupying 60 percent of the total area.
It also features water channels, gardens, advanced facilities, schools, medical care centres, mosques, and commercial centres. The project is located near the upcoming Avenue Mall project, which is scheduled to be built in the future.
The Gateway project, developed by Eshraq Investment Company in collaboration with “Northacre,” is a luxury residential project in the Sas Al Nakhl area. The project comprises spacious residential and commercial buildings and is located close to retail shopping centres, international hotels, and other amenities.
Finally, Al Reef Villas and Mirzab projects in the Al Samha area were launched at the end of 2014. Al Reef Villas project comprises a residential complex comprising 860 villas, special facilities, extensive green spaces, and well-developed infrastructure and road networks.
As for the Mirzab project, all planning and building permits have been obtained. It comprises 19 residential buildings with a ground floor and three floors, providing 739 housing units of various sizes.
Article originally published on zawya.com