Dh43b Worth of Real Estate Deals Posted in 2011 in Abu Dhabi

Municipality of Abu Dhabi registered real estate transactions worth Dh42. 9 billion in 2011, showing signs of recovery in the market. Selling and mortgage transactions carried out were valued at Dh42. 901 billion, of which land sales constituted Dh3. 773 billion and mortgage transactions Dh39. 127 billion.

These fluctuated from January through the end of December last year. In December, an alltime high figure of Dh917. 238 million was reported. Mortgage transactions dominated the real estate market in 2011, peaking in August, in which transactions worth Dh9. 827 billion were processed, followed by Dh8 billion in June, and Dh4. 386 billion in October. Also in October, a mortgage contract of a privatelyowned investment entity amounting 100 million was registered, the biggest single real estate mortgage contract last year. Mortgage deals in January valued Dh2. 645 billion, while the size of deals dropped in February to Dh1. 356 billion.

Business activity picked up in March with deals rising to over Dh2 billion and further rising in April to Dh3. 296 billion.

Contracts in September were at to Dh2. 707 billion and dropped to Dh1. 142 billion in December. Uwaidha Al Qubaisi, acting executive director of Municipal Services at the Municipality of Abu Dhabi City, attributed the soaring property registration to the confidence the investors have reposed in Abu Dhabis robust economy. The package of enhanced procedures adopted by the municipality, particularly in simplifying processes, introducing eservices and enhancing performance mechanisms, also played their role in higher value of transactions, he said on other factors. The municipalitys efforts have contributed to developing the customer service strategy, meeting customers requirements, expanding communication channels and streamlining procedures for speedy processing and effective offering of eservices, Al Qubaisi said.

Source: LoanSafe