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DUBAI: Around 3,850 lands, buildings, and unit deals were closed in Abu Dhabi during the first quarter of the year – amounting to 11.5 million dirhams ($3.13 billion).
It included real estate transactions that reached 5 billion dirhams, and mortgages exceeding 6.5 billion dirhams, according to data from the Department of Municipalities and Transport.
The highest sales value was from the city’s Al Reem Island at 1.6 billion dirhams, followed by Abu Dhabi Island (907 million dirhams) and Yas Island (446 million dirhams). Saadiyat Island, Khalifa City, and Al Raha Beach also raked in significant transaction volumes.
Land sales were 66 percent of the total transactions, the government agency said.
The high mortgage transactions reflected banks’ confidence in Abu Dhabi’s real estate market, it added.
“We are fully confident that our long-term approach will contribute to Abu Dhabi’s success and strategy, which has set an outstanding global example on how to overcome the economic, health and social challenges imposed by last year’s pandemic,” Adeeb Al-Afeefi, the executive director of the department’s real estate sector, said.