Aldar, the biggest listed developer in Abu Dhabi, has sold the emirate’s most expensive apartment for Dh137 million ($37 million) as demand for luxury property continues to rise in the UAE capital.
The three-bedroom penthouse, covering an entire floor at Nobu Residences Abu Dhabi, also fetched the emirate's highest price per square metre, at more than Dh96,000 a square metre, Aldar said on Monday.
Aldar's record transaction follows the recent sale of a four-bed duplex sky villa, also at Nobu Residences Abu Dhabi, for Dh130 million.
“This milestone transaction at Nobu Residences not only sets a new benchmark for residential property in Abu Dhabi but also underscores the maturity of the real estate market,” said Talal Al Dhiyebi, group chief executive of Aldar.
“Year on year, we are seeing healthy increases in both the volume and value of homes purchased, driven by supportive government policies and initiatives that have increased the attractiveness of Abu Dhabi.”
The property market in the UAE has maintained a robust growth momentum after it bounced back from the coronavirus-induced slowdown in 2021.
The ValuStrat Price Index, which analyses changes in property values, grew by 4.2 per cent annually for the UAE capital last year.
Abu Dhabi recorded 2,238 off-plan sales transactions last year, which represented 75.1 per cent of overall sales and an increase of 39.4 per cent from the same period in 2022.
Ready home sales volumes rose by 36.5 per cent annually last year.
Saadiyat Island registered the highest annual capital gains in the fourth quarter, as villa prices rose by 12.6 per cent, ValuStrat said in its latest quarterly real estate review report.
The island was also among the best performing in terms of apartment sales, with a 4.1 per cent increase in prices in the last three months of 2023.
Luxury property demand is on the rise in the emirate and developers are launching new developments to capitalise on the trend.
In November, Aldar launched the sale of branded properties at Nobu Residences Abu Dhabi on Saadiyat Island.
Located in the upmarket Mamsha Al Saadiyat, Nobu Residences includes 88 apartments, a 125-room hotel, a Nobu restaurant and a rooftop bar.
The development is expected to be completed in the second quarter of 2027.
Aldar expects the trend to continue and will continue to bring “the UAE’s most luxurious lifestyle concepts to life” on Saadiyat Island, as well as at some other prime locations in Abu Dhabi, Mr Al Dhiyebi said.
“Abu Dhabi’s real estate sector continues to gain significant momentum, with a sustained surge in demand across property types,” said Rashed Al Omaira, acting director general at Abu Dhabi Real Estate Centre.
“This new record reflects the resilience and maturity of our real estate market, reaffirming the solid growth of Abu Dhabi as a preferred place in which to live, work and invest.”
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
Sri Lanka-India Test series schedule
1st Test July 26-30 in Galle
2nd Test August 3-7 in Colombo
3rd Test August 12-16 in Pallekele
The Ashes
Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
Who are the Sacklers?
The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.
Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma.
It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.
Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".
The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.
Members of the Sackler family are rarely seen in public.
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