Abu Dhabi Real estate transactions top AED 43b in 2011

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The Real estate transactions processed by the Municipality of Abu Dhabi City have shown signs of remarkable activities in 2011, with obvious contrasts between the size of mortgage and selling transactions.

Selling and mortgage transactions carried out during the period from 1 January up to 30 December posted AED 42,901,462,451, of which land sales constituted AED 3,773,582,451 and mortgage transactions valued AED 39,127,880,000.

Selling and mortgage transactions fluctuated from January through the end of December last year. Selling transactions in January clocked AED 195.614 million, picked up in February to more than AED 206 million and rocketed in March to more than AED 871 million, but experienced a decline in April to AED 349.027 million and dropped further in May to hit AED 184 million and continued the downward trend in June dropping to AED 188.585 million and plummeted further in July to AED 91 million, but gathered pace in August to hit AED 135.745 million, and went further up in September to record AED 171.334 million and continued the surge in October to clock AED 282.273 million. Though dropping in November to AED 139.13 million it soon picked up drastically in December to touch an all-time high figure in the whole year of AED 917.238 million.

Flightnetwork.com -Specializing in Cheap Flights Mortgage transactions dominated the real estate market in 2011, peaking in August recording transactions worth of AED 9.827 billion followed by June (AED 8 billion), and October (AED 4.386 billion); including a transaction for registering a mortgage contract of a privately-owned investment entity amounting to $100 million (AED 367,301,000) which was the biggest single real estate mortgage contract ever registered by the Municipality last year.

Mortgage turnover in January generated AED 2,645,812,000 and in February it posted AED 1.356 billion jumping in March to over AED 2 billion and in April it rocketed to AED 3.296 billion but fell sharply to AED 1.503 billion in May and AED 1.466 billion in June before starting to rise again to AED 2.707 billion in September and dropping again to AED 1,142,799,000 in December.

Uwaidha Al Qubaisi, Acting Executive Director of Municipal Services at the Municipality of Abu Dhabi City, attributed the soaring business within the Lands and Properties Division during the past year to the confidence the investors have pinned in Abu Dhabi’s economy and the package of enhanced procedures adopted by the Municipality, particularly in simplifying processes, introducing e-services and enhancing performance mechanisms to bring it in line with the Mission of the Municipality of Abu Dhabi City to provide superior quality and effective municipal services and attain the highest rates of satisfaction of customers and community members in general.

“The Municipality’s efforts in this respect have contributed to developing the customer service strategy, meeting customers’ requirements, expanding communication channels and streamlining procedures for speedy processing and effective offering of e-services. This has reflected positively on the execution of customer service transactions, including selling ‘&’ mortgage transactions and various other customers’ transactions in a hassle-free and time-saving process; which demonstrates the national and societal responsibility of the Municipality, and raises its leading role and corporate identity in the context a comprehensive strategy to build an integrated business model that brings about a genuine addition to all services delivered to the community.

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