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 specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
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HOW TO WATCH
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The biog
Nickname: Mama Nadia to children, staff and parents
Education: Bachelors degree in English Literature with Social work from UAE University
As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families
Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
UAE currency: the story behind the money in your pockets
Zayed Sustainability Prize
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
KILLING OF QASSEM SULEIMANI
