The latest news of the off-plan real estate market in the Abu Dhabi

The latest news of the real estate market in Abu Dhabi, the economic, analytical articles and prospects for the development of the emirate. How to buy and sell real estate, what taxes you need to pay and what not.

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Real estate news headlines around the world. 

On Tuesday,  real estate market witnessed 385 sales for AED936.65 million, 98 mortgage deals worth AED186.25 million, and 41 gift deals totaling AED131.82 million.

The overall value of the real estate transactions to far has exceeded AED1.2 billion. The sales included 358 villas and apartments worth AED691.86 million, 27 land plots worth AED244.79 million, and 88 villas and flats worth AED145.06 million, as well as 10 land plots worth AED41.19 million.

Al Maryah Tower, a prime Grade A commercial office building on Al Maryah Island, is to be purchased for Dh450 million by Aldar Properties and Mubadala Investment Company.

The property will be owned by Aldar with a stake of 60% and Mubadala with a stake of 40%.

Aldar’s four commercial towers at ADGM are next to the 25-story tower, which further strengthens the company’s expanding commercial portfolio.

The building, which will offer a mix of single and multi-tenant office space over more than 32,000 sqm of net leasable area, is expected to welcome its first tenants in 2023. The joint venture parties will also become the owners of the parking lot, which has more than 1,000 spaces and a parking ratio of 1:31 sqm, which is much higher than the municipal average.

Aldar Investment Properties will be in charge of managing the asset.

Khalifa Al Romaithi, Executive Director of the UAE Real Estate Unit at Mubadala’s UAE Investments platform, said: “This acquisition builds upon Mubadala’s history and steadfast commitment to the growth and advancement of Abu Dhabi’s real estate market, and the city’s transformation into one of the world’s most desired places to live, work and visit. Mubadala is the master developer of Al Maryah Island, and we are confident in Aldar as the real estate champion with the right operational expertise to position ADGM and Al Maryah Island as the most desirable destination in the region for business, leisure, and entertainment.”

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