Abu Dhabi has recorded real estate transactions of Dhs 11.5 billion during the first quarter of 2021.
The figures carry out over 3.847 buildings, land parcels, and unit deals, with the highest value in total sales of Dhs 1.6 billion by Al Reem Island. Among the transactions, 2.092 of them have generated a mortgage value of Dhs 6.5 billion.
Land parcels account for the largest share from the total sales of 66 percent or equivalent to Dhs 3.3 billion through 777 transactions. Real estate units follow with 37 percent or Dhs 1.7 billion from 978 transactions.
The country's real estate transaction value accounts for Dhs 74 billion in 2020, steadily growing up to 28 percent from the previous years.
The practice seeks to position Abu Dhabi as an attractive investment destination to align with the Abu Dhabi Plan and the Abu Dhabi Government Accelerator's Program, 'Ghadan 21'.
Ghadan 21 is an AED 50 billion three-year program that envisions economic stimulus packages to improve business implementations and tackle global economic challenges from a financial point of view. The measures carried through Ghadan 21 resulted in collaborations of public and private sectors that have been the critical factor in the Emirate's growth since the 1950s.
Abu Dhabi's officials have launched ADIO as the central authority for public-private partnerships in line with their mandate to support the efficiency of the private sector's investments.
Furthermore, the government has also established the Department of Municipalities and Transportation (DMT) to manage urban planning and transport sectors.
The DMT would regulate and monitor urban development activities to provide comprehensive services and support higher living standards through the supervision of municipalities, to align real estate implementations by complying with the highest international standards and UAE legislation.
2021 has brought momentum to Abu Dhabi's real estate market, as it proved resilience throughout the global crisis, reflected by the steady rise in prices for permanent homes.
The demand is due to the government's landmark decision to open citizenship for investors, professionals, and people with specialized talents.
Abu Dhabi hopes to broaden the country's talent pool and retain the brightest skills to facilitate the country's massive developments in the coming years, directly contributing to the recent vast growth of residential demands.
Foreigners have accounted for roughly 88 percent of Abu Dhabi's population, all taking part in national employment and businesses.
Despite the resilient growth in the industry, the country's challenging economic conditions are likely to keep the current rate of decline persistent throughout 2021. The average rents in Abu Dhabi fell 12.2% in 2020, fallen by a 12.2% decline registered a year earlier.
However, new supply levels of residential housings will begin to suffice as liquidity and foreign investments increase, alongside the government's responsive regulations in developing massive infrastructure facilitating the surge of new citizens.
Assuming the implementations remain stable, Abu Dhabi's real estate market will accomplish an exceptional reputation of facilitating some of the brightest talents to contribute to the process of achieving the country's ambitious mandates.