The total value of real estate transactions in Abu Dhabi exceeded AED 46 bn in the first six months of 2023, according to data released by the Department of Municipalities and Transport (DMT), Invest-Gate reports.

The deals were done through 10,557 transactions involving land, buildings, and property sales and mortgages, the department said in a statement.

Sales accounted for 6,730 transactions valued at more than AED 25 bn, while mortgages totaled 3,827 deals worth over AED 21 bn.

“The real estate market in the emirate is witnessing exceptional growth that exceeded all expectations,” said Adeeb Al-Afifi, head of real estate at the department. Demand from local and foreign investors has revealed the strength and attractiveness of the market, he added.

The continued increase in growth establishes real estate as a cornerstone of Abu Dhabi’s economic diversification policy, Al-Afifi said.

Saadiyat Island topped the list of transactions at AED 3 bn, followed by Yas Island at AED 2.6 bn, Al Reem Island at AED 2.4 bn, Jubail Island at AED 1.5 bn, and Al-Shamkha City at AED 1 bn, the data showed.