Aldar Properties (Aldar), Abu Dhabi’s leading real estate developer, has completed the sale of all homes at a newly launched project ‘Magnolias’, the third phase of flagship Yas Acres development on Yas Island.
The sale of the 312 spacious townhouses, duplexes and villas at Magnolias generated more than $272 million and it signals the continued strong demand in the Abu Dhabi market for well-designed and well-located homes.
With Abu Dhabi’s successful vaccination program, the new golden visa program and other investment-friendly reforms, the UAE capital have become an even more attractive proposition for international investors.
Aldar’s strategic focus on investors is paying off with 16 percent of the total value of sales at Magnolias coming from offshore international buyers. This represents the highest percentage of overseas sales at any Aldar development launched in 2021. Overall, international and resident expatriates represent 55 percent of the customer base, while UAE nationals account for the remaining 45 percent.
Rashed Al Omaira CCO – Aldar Development
“Yas Acres represents one of the most sought-after communities in Abu Dhabi, and the significant demand we have seen for Magnolias cements this reputation. The spacious, lifestyle-focused homes represent a compelling opportunity for both investors and owner-occupiers looking to make Abu Dhabi their long-term home. Our strategy to increase overseas buyers across our developments is working and we are proud to welcome a new wave of international investment into Abu Dhabi.”
The UAE property market, which softened due to a three-year oil price slump that began in 2014 and oversupply concerns, is showing signs of recovery as people upgrade to larger homes with outdoor amenities amid a remote working and learning trend due to the pandemic.
According to a new report from real estate consultancy CBRE, average residential prices in Abu Dhabi increased 2.2 percent in the year to August, with average apartment prices rising 1.9 percent and average villa prices surging 3.1 percent.
