Real estate deals in Abu Dhabi City reach Dh12.3bn in April

27/05/2010 - Northern Emirates Property & Investment News
Real estate deals in Abu Dhabi City reach Dh12.3bn in April

Posted by Bob Brunskill

The Municipality of Abu Dhabi City processed an impressive Dh12.3 billion of real estate transactions last month, new figures show.

According to official data, sales transactions in April included deals for two commercial land plots amounting to Dh27 million and four agricultural land plots worth Dh10.4 million, the Khaleej Times reported.

Sales of residential land plots in the month also showed an increase, with 42 land plots sold for about Dh116 million.

"The confidence pinned by clients and the stability of Abu Dhabi property market have motivated investors to activate the trading processes," said Uwaidha Al Qubaisi, acting executive director of the Municipal Services Sector.

In addition, it was revealed that the Municipality undertook 137 transactions in the registered real estate mortgage market, as well as 19 mortgage amendment transactions and 57 mortgage redemption transactions.

The value of total mortgage transactions processed in the month exceeded Dh11 billion.

Meanwhile, the Abu Dhabi government and the German state of Saxony entered into a Memorandum of Understanding this week aimed at establishing new economic opportunities and cooperation between the two sides.