x Abu Dhabi, UAEThursday 18 January 2018

Abu Dhabi property deals top Dh42.9bn

The Abu Dhabi Municipality recorded more than Dh42.9 billion in real estate transactions last year.

More than Dh42.9 billion ($11.6bn) in property transactions were registered in the capital last year, the Abu Dhabi Municipality said.

Of that total, Dh3.7bn involved land sales and Dh39.1bn concerned mortgage transactions, it said. It did not offer historical comparisons. Registration dates do not necessarily reflect when the property was actually sold.

Municipality officials could not be reached for comment.

The volume of registered mortgage transactions peaked in August, when deals worth a total of Dh9.82bn were filed with the agency.

The lowest amount was Dh1.1bn, registered for last month.

October's figure of Dh4.38bn included a Dh367 million deal, the largest single mortgage transaction recorded in the year.

"Selling transactions" hit an all-time high of Dh917m last month, the Municipality said. The low point for sales transactions was July, when deals totalling Dh91m were registered.

More than 23,000 new homes are scheduled for completion in the capital this year, including 18,800 apartments.

Abu Dhabi residential asking prices are down 49 per cent from the peak in 2008, according to the latest report by Jones Lang LaSalle, a property consultancy.