Abu Dhabi’s biggest developer, Aldar Properties, on Wednesday said it sold all 83 villas at its newest development on Saadiyat Island, as the UAE’s property market continues to recover from the pandemic-induced economic slowdown.
The project, named Saadiyat Reserve, The Dunes, was sold to customers from 14 countries, with Emiratis being the main buyers, Aldar said in a statement.
“The remarkable demand we have seen for The Dunes is testament to the current strength of the Abu Dhabi market,” Rashed Al Omaira, chief commercial officer at Aldar Development, said. “The right product, in the right location, developed by a trusted developer continues to represent a quality investment opportunity and The Dunes certainly fits this profile.”
The UAE property market continues to recover from the coronavirus-induced slowdown, supported by stimulus measures and an extensive vaccination programme.
Average villa prices in Abu Dhabi grew 1 per cent on a quarterly basis at the end of the first quarter in 2021, while apartment sales prices remained unchanged, according to property consultancy Asteco.
The sell-out of the new project follows the success of Saadiyat Reserve’s first two phases of villa plots, Aldar said.
It plans to launch five new projects this year on Reem, Saadiyat and Yas Islands and aims to equal or surpass 2020 sales of Dh3.6 billion ($0.98bn), Jonathan Emery, chief executive of Aldar Development, told The National in an interview in May.