Abu Dhabi: The real estate sector in Abu Dhabi recorded property sales and mortgages worth Dh27.9 billion in the first quarter this year, a 147 per cent growth, the Department of Municipalities and Transport said on Wednesday.
As many as 5,472 transactions (sales and mortgages) were carried out during the period, compared to 3,304 transactions worth Dh11.3 billion in the year-ago period.
Dr. Adeeb Afifi, the Executive Director of Real Estate Sector at DMT, said: “The real estate sector in Abu Dhabi has demonstrated a strong growth momentum in the first quarter of 2023. The increase in the number of transactions and their overall value is a testament to the continued resilience of the sector despite global economic uncertainties. The increase in the number of transactions is also a reflection of the confidence of investors in the Abu Dhabi real estate market.”
The property sector recorded 3,518 buying and selling transactions of properties worth Dh16.2 billion, compared to 1,722 transactions worth Dh4.4 billion during the first quarter of last year, indicating an increase in the total value of property sales by 268 per cent and an increase in the number of transactions by 104 per cent.
The DMT also recorded a significant increase in the value and number of mortgage transactions during this period, with 1,954 mortgages recorded worth Dh11.7 billion between January and March 2023, compared to 1,582 transactions worth Dh6.9 billion during the first quarter of last year.
