Abu Dhabi’s property market the most improved worldwide between 2018 and this year.

The number of new building licences in Abu Dhabi surged 20 per cent in the first half of this year, as developers in the emirate continue to press on with their projects despite the coronavirus pandemic-driven slowdown.

The Department of Municipalities and Transport (DMT) in Abu Dhabi issued 4,426 commercial, residential and government building permits during the first six months of the year, it said on Wednesday.

The DMT also approved four major development projects in the emirate, including Aldar Properties’ Dh8 billion Saadiyat Island development The Grove, a project near Abu Dhabi International Airport and one project each in Al Ain and Al Dhafra region, it said.

The DMT’s efforts to “improve the quality of life in the emirate” and regulatory oversight of the market have contributed to make Abu Dhabi’s real estate market “the most improved real estate market in the world between 2018 and 2020”, the department said, citing JLL’s Global Real Estate Transparency Index.

While economies across the region are facing the headwinds in the wake of the pandemic, Abu Dhabi has rolled out several stimulus packages to cushion the economic blow.

In March, Abu Dhabi, which accounts for about 6 per cent of the world’s proven oil reserves, unveiled measures to support businesses in the emirate, including the exemption of real estate registration fees for commercial and industrial entities for the rest of the year.

“The total exemptions and reductions from DMT fees according to the economic package launched by the Abu Dhabi Executive Council amounted to more than Dh1.4bn for individuals and business sectors, aimed at enabling them to face current and future challenges,” the DMT said.

Originally published on The National on 05.08.2020

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