Aldar sets Abu Dhabi record with $37m penthouse sale

Aldar, the biggest listed developer in Abu Dhabi, has sold the emirate’s most expensive apartment for Dh137 million ($37 million) as demand for luxury property continues to rise in the capital.

The three-bedroom penthouse, covering an entire floor at Nobu Residences Abu Dhabi on Saadiyat Island, also fetched the emirate’s highest price for a square metre at more than Dh96,000, Aldar said yesterday.

Aldar’s record transaction follows the sale of a four-bed duplex sky villa, also at Nobu Residences Abu Dhabi, for Dh130 million. “This milestone transaction not only sets a benchmark for residential property in Abu Dhabi but also underscores the maturity of the real estate market,” said Talal Al Dhiyebi, group chief executive of Aldar.

“Year on year, we are seeing healthy increases in both the volume and value of homes purchased, driven by supportive government policies and initiatives that increase the attractiveness of Abu Dhabi.”

Growth in the UAE property market has maintained robust momentum after it recovered from the coronavirus slowdown in 2021.

The ValuStrat Price Index, which analyses changes in property values, rose by 4.2 per cent annually for the capital last year. Abu Dhabi recorded 2,238 off-plan sales transactions last year, which represented 75.1 per cent of overall sales and an increase of 39.4 per cent from the same period in 2022.

Ready home sales volumes rose by 36.5 per cent annually last year.

Saadiyat Island registered the highest annual capital gains in the fourth quarter, as villa prices rose by 12.6 per cent, ValuStrat said in its latest quarterly property review.

Saadiyat was also among the best performing in terms of apartment sales, with a 4.1 per cent increase in prices in the last three months of 2023.

Demand for luxury property is on the rise in the emirate and developers are launching developments to capitalise on the trend.

In November, Aldar launched the sale of branded properties at Nobu Residences Abu Dhabi on Saadiyat.

Located in Mamsha Al Saadiyat, Nobu Residences includes 88 apartments, a 125-room hotel, a Nobu restaurant and a rooftop bar.

The development is expected to be completed in the second quarter of 2027.

“Abu Dhabi’s real estate sector continues to gain significant momentum, with a sustained surge in demand across property types,” said Rashed Al Omaira, acting director general at Abu Dhabi Real Estate Centre.

The record reaffirms “the resilience and solid growth of Abu Dhabi as a preferred place in which to live, work and invest”, he said.