Aldar Properties, Abu Dhabi’s biggest listed developer, has launched the last phase of its Yas Acres project as it seeks to tap into growing demand for property in the UAE.
Dahlias, the final community to be released at Aldar’s flagship development on Yas Island, consists of 120 villas, duplexes and townhouses that are available for purchase by all nationalities from November 13, the developer said in a statement on Sunday.
“Yas Island remains one of the most sought-after destinations to live in Abu Dhabi and we have witnessed this throughout 2021 with record sales of Aldar properties on the island,” said Rashed Al Omaira, chief commercial officer at Aldar Development.
“Dahlias is ... our final sales launch of the year on Yas Island.”
Properties at Dahlias are priced from Dh2.49 million ($678,012) for townhouses and Dh5.6m for villas. Specifications include two-bedroom townhouses, three- and four-bedroom duplexes, and four-, five- and six-bedroom villas, Aldar said.
The UAE property market, which had softened in the past few years due to a three-year oil price decline that began in 2014 and oversupply concerns, is showing signs of recovery as people upgrade to larger homes with outdoor amenities amid a remote working and learning trend sparked by Covid-19.
Economic support measures and government initiatives – such as residency permits for retirees and remote workers, and the expansion of the 10-year golden visa programme – have also helped to improve sentiment.
Abu Dhabi registered Dh16.2 billion of property transactions during the third quarter of 2021, according to a statement by the Department of Municipalities and Transport on Thursday.
Construction of Dahlias is due to begin in the second quarter of 2022, with handovers expected to commence in the third quarter of 2024, the developer behind Abu Dhabi’s Formula One circuit said.
This addition to Yas Acres follows the recent sell-out of Magnolias. Aldar registered total sales of Dh1bn from the sale of 312 residential units at Magnolias.
That project recorded the highest percentage of overseas sales than any other development launched by Aldar this year, the company said. Overall, international and resident expatriates represented 55 per cent of the customer base, while Emiratis accounted for the remaining 45 per cent at Magnolias.
Dahlias will include a school, mosques, community pools, a tennis court and cycle track, among other amenities, Aldar has said.
As with the previous phases of Yas Acres, the homes at Dahlias will also feature solar-powered water heating systems, solar reflectance materials to reduce heat absorption, equipment that reduces water consumption by more than 20 per cent and LED light fixtures that reduce energy consumption, the developer said.
Customers at Dahlias will also be able to monitor their electricity and water consumption using smart meters.
Aldar Properties reported an 11 per cent jump in its third-quarter profit on the back of record quarterly development sales.
Net profit attributable to owners of the company for the three months to the end of September climbed to Dh473m, Aldar said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. Provisions, impairments and writedowns dropped 44 per cent during the period to Dh30.8m, pushing the company's profitability.
The company recorded development sales worth Dh2.69bn in the quarter, boosting year-to-date total sales to Dh6.14bn.
The successful launch of new projects, including Yas Acres Magnolias and Al Gurm Phase II, as well as high demand for its existing inventory at Mamsha, boosted sales during the quarter, it said.