The value of real estate transactions in Abu Dhabi grew during the first 11 months by 26% year-on-year to reach AED 71.3 billion ($19.43 billion) by the end of November compared to AED 56.5 billion ($15.4 billion) during the same period last year 2022.
According to the Abu Dhabi Municipality and Transport Department Abu Dhabi . According to the Department of Municipality and Transport Abu Dhabi, trading transactions included both direct sales transactions and mortgage activities, with 19616 transactions in the mentioned period of this year 2023, amid the continued activity of the real estate market, and the increase in real estate transactions, whether through direct sales transactions of properties or through mortgage transactions carried out through banks and mortgage financing agencies.
According to the Department of Municipality and Transport Abu Dhabi, trading transactions included both direct sales transactions and mortgage activities, with 19616 transactions in the mentioned period of the current year 2023.
Sales activities accounted for 66%
Selling activities accounted for 66% of the total value of trades amounting to AED 47 billion through 13056 transactions, a growth of 66.5% year-on-year compared to AED 23.7 billion through 7708 transactions in the same period last year 2022.
Selling activities also accounted for 66% of the total value of trades amounting to AED 47 billion through 13056 transactions, a growth of 66.5% year-on-year compared to AED 23.7 billion through 7708 transactions in the same period last year 2022. The types of sales transactions were divided, with off-plan sales activities accounting for the largest share of 69.7% of the total number of sales transactions in the nine months with 9103 transactions, amounting to AED 31.4 billion.
While real estate specialized in off-plan sales, the number of sales transactions in the nine months increased by 66.5% compared to AED 23.7 billion in the same period last year. Ready-made properties in Abu Dhabi accounted for 31.3% of the total number of sales transactions, with 3,953 transactions totaling AED 15.6 billion.
Mortgage accounted for 34%
Mortgage transactions accounted for 34% of the total value of transactions in the elapsed months of 2023, totaling AED 24.3 billion. The number of mortgage transactions in that period of the year amounted to about 6560 transactions.
The last quarter of this year witnessed a clear activity of the real estate market in the emirate, as total transactions reached 10.2 billion dirhams during November, and about 4000 total transactions during the month, while October achieved a total of 3.2 billion dirhams in 1782 total transactions.
