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FINANCIAL NEWS
Abu Dhabi’s 2011 real estate transactions up 5%
25 Jan 2012
(MENAFN) Abu Dhabi Municipality said that in 2011, the value of real estate transactions made in the emirate was around USD11.70 billion, recording a rise of 5 percent over 2010’s USD11.16 billion, reported Gulf News.
The municipality added that the amount included around USD10.61 billion worth of mortgage transactions, and USD1 billion worth of land sales, attributing the increase in total transactions to better investor confidence in the capital’s economy.
It also aid that 2011’s largest mortgage deal was valued at nearly USD99.89 million, moreover, land sales were the highest in December at USD249.66 million.
It is worth noting that due to the increase in housing supply, prices started to drop, and rental prices in downtown Abu Dhabi would be expected to continue falling to between 10 percent and 20 percent.
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