Abu Dhabi recorded real estate transactions worth Dh27.9 billion ($7.59 billion), with 5,472 deals, in the first quarter of 2023, as the emirate’s property market rebounds amid government initiatives and broader economic recovery.
The value of deals more than doubled during the three-month period to the end of March, while the volume of transactions, which include property sales and mortgages, grew 66 per cent, according to the latest data from the Department of Municipalities and Transport.
The value of property sales more than tripled to Dh16.2 billion, while mortgage deals rose 70 per cent to Dh11.7 billion.
“The increase in the number of transactions and their overall value is a testament to the continued resilience of the sector despite global economic uncertainties,” Adeeb Afifi, executive director of the real estate sector at DMT, said.
“The government’s continued efforts to enhance the investment environment and regulatory framework have contributed to this positive trend. We are confident that this trend will continue throughout the year, and we remain committed to supporting the growth of the sector and the overall economic development of Abu Dhabi.”
The UAE property market has continued to recover from the coronavirus pandemic thanks to government initiatives, higher oil prices and other measures to support the economy.
Property transactions in Dubai and Abu Dhabi surged last year amid higher demand from buyers.
In the first quarter of this year, asking prices for apartments and villas in Abu Dhabi rose by 7 per cent amid high demand from buyers, according to the real estate listings website Property Finder.
Al Reem Island, Yas Island, Masdar City, Al Raha Beach and Saadiyat Island were among the areas in high demand from buyers.
In Dubai, the average asking price for apartments surged by 25 per cent annually, while villa prices rose 16 per cent in the three-month period.
There were 1,769 new investors who were involved in the real estate transactions during the quarter, up 42 per cent compared to the first quarter of last year, the DMT data found. The percentage of non-resident investors also rose during the period.
Abu Dhabi's economy grew by 10.5 per cent on an annual basis in the first nine months of 2022, the fastest expansion in the Mena region, driven by strong growth in the non-oil sector, the Abu Dhabi Media Office said earlier this year, citing the latest data released by the Statistics Centre Abu Dhabi.
The non-oil sector grew by 10.3 per cent annually during the period, driven by government efforts to diversify the economy, boost the private sector's contribution and invest in human capital, it said.
The five pillars of Islam
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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The Baghdad Clock
Shahad Al Rawi, Oneworld
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
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The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
