The lure of beachfront living in Abu Dhabi is bringing in a tide of buyers for Aldar Properties, one of the emirate's biggest developers.
The majority of the homes that make up the three community developments that have been built so far at Al Raha Beach have been sold.
Al Muneera residential developments at Al Raha Beach are about 80 per cent sold, while Al Bandar is sold out, Aldar said yesterday.
These were the first beachfront residential developments in Abu Dhabi made available to international buyers as well as nationals.
"Eighty per cent of Al Muneera is sold out, and more than 15 per cent of the sold units are occupied," said Mohammed Al Zaabi, the director of estates at Aldar, which owns and manages the development.
Al Muneera community's units, which include penthouses, villas, townhouses and apartments, will be handed over before the end of the second quarter, he said.
In Al Zeina on Al Raha Beach, 81.5 per cent of the units have been sold, Aldar said. Forty per cent of the units sold at Al Zeina are occupied.
More amenities, including shops, are planned for the beachfront developments, which feature large areas of steel and glass. A Waitrose supermarket is scheduled to open in Al Zeina in the second quarter of this year.
A number of cafes and restaurants are also planned.
Aldar launched a rent-to-own scheme for Al Zeina in an effort to attract demand for its one and two-bedroom apartments. This allows customers to rent an apartment, starting from Dh60,000 (US$16,334) a year for a one-bedroom unit, and 100 per cent of the first year's rent and 90 per cent of the second year's rent will be credited to the purchase price if the tenant opts to buy.
The developer is considering extending this scheme to Al Muneera community.
With 1,445 homes making up Al Muneera and 1,221 units in Al Zeina, as well as other developments being handed over in the emirate, "the increase in supply in the higher-end segment of the apartment rental market in Abu Dhabi is likely to result in further downward pressure on rents", said Elaine Jones, the chief executive of Asteco Property Management.
Rents fell 5 per cent in Abu Dhabi in the first quarter of this year from the previous quarter, according to a report issued by Asteco this week.
"Rents for a two-bedroom apartment on Al Raha Beach fell by 14 per cent quarter on quarter to between Dh105,000 and Dh150,000 as a result of the large amounts of new supply handed over simultaneously in the area," Asteco said.
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