Abu Dhabi's property market recorded 4,441 transactions amounting to $5.7 billion (Dh21.04bn) in the third quarter, showing the sector's strong growth, according to the Department of Municipalities and Transport.
The emirate recorded 1,995 sales worth Dh5.39bn, and 2,446 mortgage transactions worth Dh15.64 billion, as the market continues to recover from the pandemic-induced slowdown.
In comparison, transactions for the third quarter of 2021 reached a total of Dh16.2bn.
“The real estate market in the emirate of Abu Dhabi continues to achieve outstanding results and continuous and sustainable growth,” said Adib Al Afifi, executive director of the Real Estate Sector at DMT.
“By providing more options for investment in the real estate market and increasing the transparency of this vital sector contributes to the strengthening of Abu Dhabi’s global position as one of the most lucrative destinations for real estate investment.”
Yas Island topped the list for highest value of transactions with Dh1 billion ($272 million). It was followed by Saadiyat Island with Dh929m worth of transactions during the period from July to September.
Al Shamkha ranked third with Dh641m, followed by Reem Island with Dh541m, Khalifa City with Dh208m and Mohamed bin Zayed City with Dh182m.
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The UAE economy, which rebounded strongly from the pandemic-induced slowdown last year, has picked up pace this year. The Arab world's second-largest economy is set to expand by 5.4 per cent this year, according to the UAE Central Bank.
Business activity in the UAE’s non-oil private sector economy continued to improve in October as new business and output climbed, along with a rise in demand and employment.
The seasonally adjusted S&P Global purchasing managers’ index climbed to 56.6 in October, up from 56.1 in September. A reading above the neutral level of 50 indicates growth, while one below it points to a contraction.
DMT said in July that Abu Dhabi recorded 7,474 property transactions worth more than Dh22.51bn in the first six months of the year.
Major property projects have been launched in the capital this year, including Aldar Properties' Saadiyat Lagoons, Yas Park Gate and Grove District on Saadiyat Island.
Other projects include Reem Hills on Reem Island, Bloom Living, close to Abu Dhabi International Airport, and the second phase of Imkan's Riviera development on the coast between Abu Dhabi and Dubai.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
RACE CARD
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5.30pm: Dahawi
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Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
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The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
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Price: Dh98,900
Brief scoreline:
Manchester United 2
Rashford 28', Martial 72'
Watford 1
Doucoure 90'
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
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Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
Global state-owned investor ranking by size
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The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
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BIO
Favourite holiday destination: Turkey - because the government look after animals so well there.
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Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.
Favourite colour: Black.
Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.
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