The total value of apartment and villa transactions in Abu Dhabi city stood at more than 8.6 billion dirhams, sourced from 2,736 transactions, during Q1 2022, according to a report on Abu Dhabi’s real estate market.
Commissioned by international consulting group Valustrat, the report shows that mortgage transactions represented 55 percent of home sales volumes and 71 percent of the total value.
Meanwhile, off-plan home sales were down 8.9 percent QoQ, up 225.2 percent YoY. Ready sales grew 20.6 percent QoQ and 95.5 percent YoY.
Data reveal that the average citywide residential asking price per square foot during Q1
2022 was flat QoQ but 9.2 percent higher when compared to the same period last year.
Moreover, the average asking price for ready apartments stood at 12,889 dirhams per sq m (1,197 dirhams per sq ft), stable QoQ and up 6.8 percent YoY.
For ready villas, the study highlights that the average asking price reached a record high at 11,121 dirhams per sq m (1,033 dirhams per sq ft) indicating asking prices improved 2.6 percnet QoQ and grew 14.8 percnet YoY.