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Abu Dhabi land transactions soar to AED12.3b in April |
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Real estate transactions processed within the Municipality of Abu Dhabi City are showing signs of a remarkable increase to AED 12.3 billion with a deep contrast in the size of mortgage and sales transactions of real estates, lands and properties made in the preceding month. Property mortgages in last April amounted to 11.9 billion dirham, posting a 550 per cent increase compared to last March; whereas the total sales price topped 241.2 million dirham in April. Lands Division of the Municipality of Abu Dhabi City processed more than 30 inheritance registration transactions During April, that included 26 withdrawal and merger transactions, 721 data amendment transactions, 54 allocation transactions, 9 land division transactions, and 21 waiver transactions whereas real estate mortgages registered 137 transactions, 19 mortgage amendment transactions, and 57 mortgage redemption transactions such that the value of total mortgage transactions processed exceeded 11 billion dirham, and sales transactions topped 60 transactions with a total value of 241 million dirham. During last April, mortgage transactions posted a 550 per cent rise with an estimated value of more than 11 billion dirham compared to last March where it was only about 2 billion dirham. Sales transactions included transactions of two commercial land plots amounting to 27 million dirham and 4 agricultural land plots worth 10.4 million dirham. The sales of residential land plots also showed an increase with 42 land plots sold for about 116 million dirham while the number of villas traded in April reached 4 villas sold for a total amount of about 72 million dirham. Uwaidha Al Qubaisi, Acting Executive Director of Municipal Services Sector, said: "The confidence pinned by clients and the stability of Abu Dhabi property market have motivated investors to activate the trading processes. Moreover, the facile and simple procedures adopted by the Municipality as well as the provision of e-services platform and conducive atmosphere proved instrumental to providing the comfortable setting needed by investors to complete transaction processes; which reflects positively on customer satisfaction with the services provided".
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