Masaood's Abu Dhabi waterfront project 'in big demand'

UAE-based Masaood Developments has announced that it had received an overwhelming response from both Emiratis and expats for its freehold Abu Dhabi waterfront residential project, Azure Al Reem, within just four weeks of its launch.

It is the first project to be available to foreign expats under the government’s new legislation, stated the developer. which has the backing of the affiliate of Al Masaood group of companies.

Masaood Developments said it has analysed market and customer demand in co-ordination with real estate advisor Savills and created a unique, affordable and low entry cost way for its customers to help them buy premium property in Abu Dhabi.

Recent government changes to freehold ownership have also had a positive impact on interest in the project. Ideally situated in a prime location on Al Reem Island, with views towards the iconic Louvre Abu Dhabi.

According to Savills, nearly 2,000 people have registered their interest in purchasing a property in the new waterfront apartment complex.

The burst of interest is mainly because of a combination of the new legislation changes and Azure Al Reem’s ‘easy to own’ payment plans.

Under the scheme, the customers just have to pay a deposit of Dh50,000 ($13,610) for one-bed apartment or Dh70,000 ($19,054) for a two-bedroom unit and then move in straight away and then pay the rest of the amount over 15 years without the need of a bank mortgage, stated the top real estate advisor.

Ziad Abou Nasr, the director for Masaood Developments, said: "It appears that the government’s new policy changes towards foreign freehold ownership have already caused an upswing in interest from potential foreign investors and end users, which can only be a positive thing for the Abu Dhabi residential market."

"Coupled with Azure’s far more accessible payment scheme over other residential projects on the market, it meets the needs and demands of the Abu Dhabi market, giving much more people the opportunity to become home owners for the first time," stated Nasr.

Recent reports show that the UAE is the second largest market for middle-income housing in the GCC, with 98,000 units needed by 2022.

With such high demand for suitable housing, dubizzle shared their feedback on the Azure Al Reem project, declaring it to be the most successful lead generation residential launch campaign in Abu Dhabi, they have seen.

Matthew Gregory, the head of Property Sales for dubizzle, said: "Since launching last month, Azure Al Reem has exceeded all expectations in the level of interest we have seen across dubizzle and is the best performing lead generation campaign we have run across our platforms to date."

"Its unique offering of an affordable and flexible payment plan for a completed, high quality waterside apartment, is obviously meeting a strong demand in the UAE property market," remarked Gregory.

"People interested in purchasing an apartment in the property probably shouldn’t wait much longer to register their interest," he added.-TradeArabia News Service