The Department of Municipalities and Transport (DMT) revealed that the UAE capital’s real estate market recorded 3,304 transactions, reaching a value of $3.07 billion (AED 11.3 billion) in the first quarter of 2022.
The department’s quarterly report revealed that the transactions included the buying, selling, and mortgages of all types of land, buildings, and real estate.
According to the real estate trading index published by DMT, the real estate sector in the emirate recorded 1,722 real estate purchase and sale transactions worth AED 4.35 billion and 1,582 mortgage transactions worth AED 6.9 billion.
Yas Island topped the list with AED 1.2 billion in real estate transactions, followed by Al Saadiyat Island in second place with AED 673 million.
With AED 598 million, Al Reem Island came in third, Khalifa City came in fourth with AED 173 million, and the Al Raha Beach area came in fifth with 168 million dirhams. And finally, Al Shamkha came in sixth with AED 150 million worth of real estate transactions.
His Excellency Dr Adeeb Al-Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, said: “With steady and sustained growth in Abu Dhabi’s real estate sector, the emirate has maintained its position as one of the world’s most sought-after markets and destinations for real estate investment.
“With excellent infrastructure, a diverse range of options, and world-class services, Abu Dhabi’s real estate industry strengthens its position as one of the best places in the world to live, work, and visit.”
The Department of Municipalities and Transportation (DMT) is the entity responsible for managing the urban planning and transport sectors, and three regional municipalities.
As the entity responsible for supporting the growth and urban development of the Abu Dhabi Emirate, the DMT guides, regulates and monitors urban development activities.
The authority also improves municipal work to provide comprehensive services and creates higher living standards for residents through the supervision and management of the municipalities.
The DMT ensures the highest standards of safety, security, sustainability and technological developments of land, air and maritime transport networks of the Emirate, in line with the highest international standards and UAE legislation.
One of the DMT’s top priorities is to fulfil the vision of Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates and Ruler of Abu Dhabi, which draws on the vision of the UAE’s founding father, the late Sheikh Zayed bin Sultan Al Nahyan.