Abu Dhabi's total property deals amounted to USD 4.4 billion in Q3 2021

During the period the emirate had a total of 3,932 real estate transactions, the Department of Municipalities and Transport reported.

In the third quarter of 2021 property transactions in Abu Dhabi amounted to USD 4.4 billion amid further measures implemented by the UAE capital to make it even more attractive for those who wish to invest and live in the city.

During the period the emirate had a total of 3,932 real estate transactions, which included about 2,224 mortgage transactions and 1,708 sales transactions, the Department of Municipalities and Transport reported on Thursday. Total value of mortgages reached USD 3.1 billion, while cash sales brought USD 1.2 billion.

Property prices in the majority of residential communities in Abu Dhabi have grown in 2021 due to higher demand in key areas supported by the UAE’s economy continued recovery from the effects of the coronavirus pandemic.

Average price for residential units in Abu Dhabi went up by 2.2 percent in the first eight months of the year. The average price of apartments rose by 1.9 percent and the average price of villas increased by 3.1 percent, a new report by CBRE said.

Abu Dhabi and Dubai's property markets, like other global property investment hubs, have rebounded strongly as pent-up demand and supportive stimulus measures launched by the UAE government boosted economic activity.

The UAE's overall real estate market is recovering at a fast pace from the crisis induced by the COVID-19 pandemic as people tend to upgrade to larger homes with outdoor amenities and work remotely.