Abu Dhabi, UAETuesday 7 July 2020

Abu Dhabi property transactions up 34% in April amid Covid-19 outbreak

Yas Island recorded deals with the highest value during the month

Abu Dhabi, United Arab Emirates, May 2, 2020. The Abu Dhabi Corniche as the sun sets on Saturday. Victor Besa / The National Section: NA For: Standalone / Stock images
Abu Dhabi, United Arab Emirates, May 2, 2020. The Abu Dhabi Corniche as the sun sets on Saturday. Victor Besa / The National Section: NA For: Standalone / Stock images

The total value of property transactions in Abu Dhabi rose 34 per cent to reach Dh6.3 billion in April as the emirate stepped up efforts to stimulate investment amid the coronavirus outbreak.

According to data released by the Department of Municipalities and Transport, Abu Dhabi registered 2,617 property deals, compared with 1,840 transactions worth Dh4.6bn in the same month last year.

Numerous incentive schemes and economic support from the government, central bank and the Abu Dhabi Executive Council prompted the department to exempt individuals and companies from 34 property registration fees until end of this year, Adeeb Alafeefi, the Department of Municipalities and Transport's managing director of real estate said.

"All contributed to providing sufficient flexibility and helping the real estate market in Abu Dhabi to respond to the current circumstances and continue its growth and maintain the momentum of its transactions,” Mr Alafeefi said.

The Department of Municipalities and Transport said Yas Island recorded the deals with the highest value, with a total of Dh771 million, followed by Al Reem Island, which saw deals worth Dh279m, and Saadiyat Island, at about Dh270m in April.

Last month there were 1,170 mortgage transactions, valued at Dh1.9bn, up from 598 last year, data showed.

Abu Dhabi has seen overall growth in property transactions so far this year despite the coronavirus pandemic.

Last month, the emirate announced total real estate transactions during the first quarter of this year increased 22 per cent to reach Dh19.2bn, compared with about Dh16bn during the same time last year.

Abu Dhabi, which has 6 per cent of the world's proven oil reserves, has adopted various measures to cushion the economic blow from the pandemic that has shut down air travel and led to a temporary closure of businesses across the world.

In March, the Abu Dhabi government unveiled measures to support businesses in the emirate, including the exemption of Tawtheeq real estate registration fees for commercial and industrial entities for the rest of the year.

Mr Alafeefi said the emirate's property market will "witness an increase in the transactions based on the supportive decisions taken by the department in this field”.

Updated: May 21, 2020 08:21 PM

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