The value of real estate transactions completed in Abu Dhabi in 2011 reached AED 42.9 billion (£7.5 billion), authorities in the emirate have revealed.

Adel Hussain, a media consultant for the municipality, told Gulf News that this represents a five per cent increase compared to the volume of deals recorded in 2010.

Acting executive director of municipal services Awaidah Al Qubaisi told the publication there is now more positive sentiment surrounding property in Abu Dhabi than there was 12 months ago.

"There was increased investor confidence last year in the Abu Dhabi economy, which resulted in the high number of transactions. The municipality has also worked to simplify transaction processes," he stated.

Earlier this month, Jones Lang LaSalle predicted there will be a greater volume of property deals in the United Arab Emirates (UAE) in 2012 than in 2011, as a growing number of high net worth individuals and private investors are showing an interest in the UAE's residential market.

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