The total value of property transactions in Abu Dhabi rose 34 per cent to reach Dh6.3 billion in April as the emirate stepped up efforts to stimulate investment amid the coronavirus outbreak.
According to data released by the Department of Municipalities and Transport, Abu Dhabi registered 2,617 property deals, compared with 1,840 transactions worth Dh4.6bn in the same month last year.
Numerous incentive schemes and economic support from the government, central bank and the Abu Dhabi Executive Council prompted the department to exempt individuals and companies from 34 property registration fees until end of this year, Adeeb Alafeefi, the Department of Municipalities and Transport's managing director of real estate said.
"All contributed to providing sufficient flexibility and helping the real estate market in Abu Dhabi to respond to the current circumstances and continue its growth and maintain the momentum of its transactions,” Mr Alafeefi said.
The Department of Municipalities and Transport said Yas Island recorded the deals with the highest value, with a total of Dh771 million, followed by Al Reem Island, which saw deals worth Dh279m, and Saadiyat Island, at about Dh270m in April.
Last month there were 1,170 mortgage transactions, valued at Dh1.9bn, up from 598 last year, data showed.
Abu Dhabi has seen overall growth in property transactions so far this year despite the coronavirus pandemic.
Last month, the emirate announced total real estate transactions during the first quarter of this year increased 22 per cent to reach Dh19.2bn, compared with about Dh16bn during the same time last year.
Abu Dhabi, which has 6 per cent of the world's proven oil reserves, has adopted various measures to cushion the economic blow from the pandemic that has shut down air travel and led to a temporary closure of businesses across the world.
In March, the Abu Dhabi government unveiled measures to support businesses in the emirate, including the exemption of Tawtheeq real estate registration fees for commercial and industrial entities for the rest of the year.
Mr Alafeefi said the emirate's property market will "witness an increase in the transactions based on the supportive decisions taken by the department in this field”.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
UAE currency: the story behind the money in your pockets
Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
SANCTIONED
- Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
- Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB.
- Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.
- Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
- Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
