Abu Dhabi records Dhs77.6bn in real estate transactions in 2022

Abu Dhabi recorded a total of 19,033 transactions worth Dhs77.6bn in 2022.

The emirate’s real estate sector recorded 9,010 sales transactions valued at Dhs23.5bn and 10,023 mortgage transactions worth Dhs54.1bn, the Department of Municipalities and Transport (DMT) revealed.

Yas Island topped the list with transactions worth Dhs4.2bn, with Al Reem Island securing second place with Dhs3.4bn in transactions.

With Dhs3.1bn, Saadiyat Island came in third, while Al Shamkha secured transactions worth Dhs2.1bn. Zayed City stood fifth with Dhs1bn in property transactions.

.@AbuDhabiDMT has recorded AED77.6 billion in real estate transactions for 2022, which highlights #AbuDhabi’s real estate sector’s key role in the emirate’s economic diversification. pic.twitter.com/br3Rw0hEUx

— مكتب أبوظبي الإعلامي (@admediaoffice) March 3, 2023

The value of real estate transactions in Abu Dhabi rose by 8.5 per cent year-on-year in 2022, while the number of deals climbed 27.2 per cent in the same period.

DMT also announced seven new real estate investment areas in the emirate for 2022, chosen for their diversity in project offerings, unit designs and affordability. With the addition of these zones, the emirate’s investment zones totalled 25 by the end of 2022.

These zones will be open to foreign investors, the official news agency WAM reported.

“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,” said Dr Adeeb Al Afifi, executive director of the real estate sector at DMT.

Projects in new investment areas in Abu Dhabi

Bloom Holding is developing several projects in Abu Dhabi – its Bloom Living project in Zayed City 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 Q4 2024. The second phase – Toledo – has also been launched and is expected to be completed by Q2 of 2025.

Read: Abu Dhabi: Bloom Holding’s Cordoba sells out in four hours

In Abu Dhabi’s Al Shamkha, Aldar Properties launched the Al-Reeman 2 project in June 2019. The first phase of construction and development work is now 84 per cent complete.

The project’s first phase consisted of releasing 496 land plots, while its second phase, which consists of 1,111 villas, has also been launched.

In Al Bahia, Yas Hills is being developed as a multi-use global community and provides access to the facilities of Yas Island and transportation points to Abu Dhabi Airport, Dubai, and other emirates.

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.

The Barari Ain Al Faida project is situated in Al Ain city and comprises over 3,000 plots, with green spaces occupying 60 per cent of the total area.

The Gateway project, developed by Eshraq Investment Company in collaboration with Northacre, is a residential undertaking in the Sas Al Nakhl area.

Al Reef Villas and Mirzab projects in the Al Samha area were launched at the end of 2014. The former comprises a residential complex comprising 860 villas.

In other news, Abu Dhabi’s Aldar Properties and Dubai Holding  signed a joint venture agreement to develop new properties across prime locations in Dubai.

The landmark agreement, marks Aldar Properties entry into Dubai’s real estate market, as part of the company’s broader expansion into new markets.

The move bolsters Aldar’s development pipelinhttps://gulfbusiness.com/aldar-diamond-developers-launch-sales-for-the-sustainable-city-yas-island-project/e, following the recent acquisitions of Al Fahid Island in Abu Dhabi and a new waterfront development in Ras Al Khaimah

Also read: Aldar, Diamond Developers launch sales for The Sustainable City – Yas Island project