Abu Dhabi registers USD 20.14 billion worth of real estate transactions for 2020

Abu Dhabi registers USD 20.14 billion worth of real estate transactions for 2020

In 2020 the value of real estate mortgages amounted to USD 12 million, totalling 11,000 transactions.

The value of real estate transactions in Abu Dhabi in 2020 totalled USD 20.14 billion, 28 percent higher compared to 2019, which recorded a value of 15.7 billion. 19,000 transactions were concluded in the emirate during the previous year, including sales and mortgages of land, buildings and real estate units for all types of land use.

According to the Department of Municipalities and Transport's report, real estate sales in 2020 amounted to USD 8.1 billion totalling 8,000 transactions while mortgages accounted for USD 11.9 billion.

Sale of lands and buildings reached USD 6.8 billion totalling 4,647 transactions with real estate units at value of USD 1.3 billion through 3,427 transactions.

The number of real estate mortgages in 2020 totalled 11,000 transactions and amounted to USD 11.9 billion, as it has already been mentioned above. Lands and buildings made up the majority of these transactions (7,730) valued at USD 11.5 billion account for 96.8 percent of the total value of mortgages. Real estate units account for the remaining 3.2 percent of total real estate mortgages, equivalent to USD 326 million made over 933 transactions.

The surge in value of real estate transactions despite the extraordinary conditions resulting from the impact of the coronavirus pandemic on the global economy highlights the flexibility of the Abu Dhabi real estate market, said the Department of Municipalities and Transport. Moreover, the initiatives adopted by the department last year helped supporting the real estate sector, among them were exempting investors, both individuals and companies, from fees covering 34 real estate registration services until the end of 2020.

The Department of Municipalities and Transport data showed Khalifa City has the highest value in terms of total sales (USD 980 million), followed by Yas Island (USD 898 million) and Al Reem Island (USD 816 million).

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