Statistics launched by the Department of Municipalities and Transport these days published that the price of actual property transactions in Abu Dhabi has been multiplied by 34% to attain AED 6.3 billion through the cease of remaining April, through 2617 real estate deals, in contrast to AED 4.6 billion through 1840 offers during the equal length closing year.
The Department’s statistics indicated that mortgages obtained 60% of the complete real estate transactions in April 2020, it elevated through 100% during April 2020 in contrast to the equal period in 2019 up to AED 3.8 billion, which used to be made via (1170) personal loan transactions, with mortgages well worth AED 1.9 billion, thru (598) loan transactions.
Statistics of the Department of Municipalities and Transport additionally confirmed that the fee of the of shopping for and promoting operations in April 2020 reached about AED 2.5 billion, which used to be made through (1447) transactions, in contrast to AED 2.8 billion during the identical duration final year, via (1242) transactions.
H. E. Dr. Adeeb Alafeefi, Managing Director of the real estate sector in the Department of Municipalities and Transport, said: “Based on the directives of the sensible management to aid the business sectors during these first-rate circumstances, Abu Dhabi real estate market has maintained its vitality, function and excellence no matter these exceptional repercussions prompted by the novel coronavirus (Covid-19) on the world economic system and its repercussions on real estate markets round the world. "
His Excellency added: "The incentive plans launched by using the UAE authorities and the monetary assist format of the central financial institution alongside with the monetary incentives bundle launched through of Abu Dhabi Executive Council, according to which the Department of Municipalities and Transport has exempted persons and businesses from 34 of real estate registration expenses till stop of this year 2020, all contributed to supplying ample flexibility and supporting the real estate market in Abu Dhabi to reply to the present day occasions and proceed its increase and preserve the momentum of its transactions.”
H.E. delivered " The abilities of the actual property market in Abu Dhabi allow it to overcome these instances during the coming period. It additionally has all the components that allow it to advantage lots greater than different markets with the begin of the world monetary recovery. We hope that during the subsequent few months, the real estate market will witness an amplify in the transactions based totally on the supportive selections taken via the Department in this field”.
The Department of Municipalities and Transportation exemptions encompass 2% of sale contract, 2% expenses of sale on the plan, in addition to different expenses such as land trade fees, personal loan registration, loan transfer, personal loan change and loan redemption.
The Data of the Department indicated that Yas Island has the very best fee with complete real estate transactions in April 2020 with whole of about AED 771 million, accompanied by means of Al Reem Island with about AED 279 million, then Saadiyat Island ranked 1/3 with about AED 270 million, observed by Al Reef area with AED 254 million, Al-Faqa vicinity as the fifth with about AED159 million.
The whole real estate transactions in Abu Dhabi are extended via 22% in the first quarter of this year to attain AED19.2 billion, in contrast to about AED15.8 billion throughout the equal period last year.