Aldar offers mid-market plots to expats for 1st time
dubai — Aldar Properties on Sunday sold residential and commercial plots to expatriates in the mid-market segment for the first time in Abu Dhabi, cashing in on improving investor sentiment towards the emirate’s real estate sector, its CEO said on Sunday.
The Abu Dhabi-based master developer sold a total of 764 residential and 150 commercial plots for Dh1.6 billion of Alreeman project — which is a special investment zone — and is located in the Al Shamkha area. Most of the plots were bought by Emiratis and Arab expatriates. Aldar will develop infrastructure of the project over the course of next two years.
Speaking to Khaleej Times, Talal Al Dhiyebi said the market has started to see positive investor sentiments in the real estate sector in 2019 and the company will launch more projects.
“We have been focusing on the affordable market segment and now tapped into residential and commercial plots. For the first time, expats are allowed to purchase residential villa plots. Prior to this, we did for a few projects but it was only for UAE nationals,” Al Dhiyebi said. “This is an opportunity for expats to buy land where they can design and build villas of their choice; for investors, it is opportunity to build small and low-rise buildings of 30-40 apartments which they can sell or lease. We saw unprecedented demand with people queuing for quite some time,” Al Dhiyebi said in a telephone interview on Sunday.
Prices of plots started from Dh690,000 for villas and Dh4.69 million for commercial land.
Currently, 1,500 units are in the pipeline for deliveries in 2019 by Aldar.
The master developer had announced deliveries of over 7,000 units from 2018 until 2021 in its 2018 third-quarter results.
Al Dhiyebi said they are looking at the launch of new projects on because the market is very positive and much more mature.
“We hope this positive sentiment continues as market fundamentals and economy are strong; we’ll continue to tap into demand,” he said, adding that fiscal stimulus, Adnoc’s expansion project, arrival of new companies at Khalifa Port in Kizad, operational sales of nuclear plant, Etihad Rail’s second phase and growing tourists will drive the UAE capital’s real estate market.”
Guardian Wealth Management also sees a strong start for the Abu Dhabi real estate market in 2019 due to injection of funds along with an increase in new jobs that will boost activity in the personal finance sector.
GWM co-owner David Howell said research into the Abu Dhabi market at the end of 2018 produced very positive results.
“There is no question about the level of optimism in Abu Dhabi currently; we are seeing a lot of new expatriate arrivals at the start of this year. Across the board there is activity such as the launch of new projects and developments and the opening of more attractions such as those on Yas Island,” said Howell.