UAE's Aldar sells out Yas Island development in four hours

Abu Dhabi developer says more than half of buyers were under 40 and a third were women

Yas Island aerial view. Image used for illustrative purpose.

Yas Island aerial view. Image used for illustrative purpose.

Miral/Handout via Zawya

Abu Dhabi’s Aldar Properties has sold out its newly launched Noya Luma development in four hours, generating sales of $152 million (AED 560 million).

The developer said 53 percent of buyers of the 189 standalone villas, for which construction is due to start in November this year, are under 40 and 31 percent were women.

The villa development is the third phase of the developer’s Noya project on Yas Island. Aldar said UAE nationals represented the largest nationality group among buyers at 50 percent, followed by Lebanon, Jordan, Canada and Syria. Nearly three quarters – 73 percent – were buying an Aldar property for the first time, the company said.

Rashed Al Omaira, Chief Commercial Officer at Aldar Development, said: “To satisfy the needs of our customers, we made the decision to only offer standalone villas at Noya Luma following the significant interest registered in villas at the first two phases and this has proven to be a very successful approach.

“Similar to other recent launches, we saw growing interest from overseas buyers at Noya Luma and we expect this trend to continue as more and more expats realise the benefits of Abu Dhabi’s recently implemented real estate, residency and investment reforms.”

Aldar said the prices for three-bedroom villas started from AED 2.41 million ($653,500). Handovers are expected to start in February 2024.

(Writing by Imogen Lillywhite ; editing by Seban Scaria)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

More From Real Estate