$1.2bn real estate deals at Reem Island in Abu Dhabi during H1'19
10,000 transactions worth $8.4bn carried out in Abu Dhabi during H1, Department of Urban Planning and Municipalities says
Al Reem Island has been named the highest-earning area for real estate transactions in Abu Dhabi, according to Department of Urban Planning and Municipalities' (DPM) H1 2019 report, which found that property contracts in the area reached $1.2bn (AED4.4bn) during the period.
Al Reem Island was followed by Al Reef, with transactions worth $487m (AED1.8bn), and Yas Island, with more than $435m (AED1.6bn) real estate deals.
That was followed by Al Shamkha City, Khalifa City, and Al Faqa Area with transactions respectively worth $173.1m (AED636m), $97.1m (AED357m), and $57.4m (AED211m).
The DPM report revealed there were 10,000 real estate transactions carried out in Abu Dhabi during H1 2019, generating $8.4bn (AED30.8bn) across the emirate.
DPM’s chairman, HE Falah Al Ahbabi, said the figures demonstrated the “buoyant” real estate market in Abu Dhabi.
In a statement, he added: “We believe that these figures show investors how well the Abu Dhabi real estate market is performing; the emirate remains highly competitive in this sector, home to some of the best properties and developments across the Middle East and North Africa region.
“Providing information to investors, real estate developers, and landowners will enhance confidence and competitiveness regionally and internationally.”