Shams Abu Dhabi project by Sorouh Real Estate. Image Credit: Courtesy: Sorouh.com

Dubai: Abu Dhabi’s real estate market generated Dh31 billion worth of transactions in the first six months of 2019, with Al Reem Island — being the most popular investor choice — netting Dh4.37 billion. It was followed by Al Reef area, which netted Dh1.78 billion.

In all, the market recorded 10,000 deals, according to data from the Department of Urban Planning and Municipalities (DPM).

Going forward, it would be interesting to gauge the presence of foreign investors or businesses owned by them in transactions at designated zones.

It was in April that Abu Dhabi allowed full foreign ownership in such designated investment zones.

Incidentally, this is the first bi-annual report on real estate transactions in Abu Dhabi.

“The release of this first indicators report is a continuation of our open approach aimed at raising transparency and enhancing the ease of doing business in the real estate market,” said Falah Al Ahbabi, chairman of DPM. “Providing information to investors, real estate developers and landowners will enhance confidence and competitiveness regionally and internationally.

“We believe that these figures show investors how well the Abu Dhabi real estate market is performing; the emirate remains highly competitive in this sector.”

Developers too have been doing their bit to stoke buyer interest, whether it be Imkan’s move to offer post-handover plans on its latest launches or Aldar’s more recent offer allowing rent-to-own purchases at one of its Yas Island clusters.

There were 6,374 property transactions valued at more than Dh12.5 billion during the period. The volume of mortgage transactions “reflects the confidence of banks in the sector, with 3,712 mortgage transactions worth over Dh18.5 billion,” the report adds.