São Paulo – Real estate transactions reached AED 19.2 billion (USD 5.2 billion), going up by 22%, in Abu Dhabi, United Arab Emirates, in the first quarter this year, despite the exceptional circumstances the emirate faces in the battle against COVID-19.
The information was published in the Emirati newspaper The National based on data from Abu Dhabi’s Department of Municipalities and Transport (DMT). A year ago, value of real estate deals reached AED 15.8 billion (USD 4.3 billion). About 7,600 deals were carried out in Q1, from 5,085 on the same period last year.
According to the newspaper, the high value of real estate transactions comes as weeks of precautionary measures to contain the spread of the coronavirus have taken a toll on businesses and resulted in pay cuts or job losses. Some measures may have helped the sector. The DMT has exempted individuals and companies from a series of real estate purchase fees.
Real estate sales were distributed across land, buildings and units. Land transactions made up most of the total sales. Al Reem Island attracted the highest value, followed by Saadiyat Island, the Al Reef region and Yas Island.
Adeeb Al Afeefi, executive director of the real estate sector at DMT, attributed the high value to the direction of emirate’s leadership, promoting economic development and ensuring an attractive investment environment, and the stimulus package where DMT waives several real estate transaction fees, as well as other measures.
Translated by Guilherme Miranda
