A new phase of the Al Reef villas development close to Abu Dhabi International Airport has been announced, featuring 860 new homes.
The scheme will include two and three bedroom detached villas with “large gardens”, according to the developer Manazel Real Estate. The properties will be available for sale from Dh1.7 million.
Manazel has received approval from the Abu Dhabi Urban Planning Council to start work on the project, with the development cost exceeding Dh1 billion.
Hassan Fahmi, chief executive of Manazel Real Estate, said in a statement that “Al Reef 2 is merely a continuation of the success of the first Al Reef project, which is considered one of the best residential complexes and the largest in Abu Dhabi”.
Rental rates at Al Reef villas, which consists of 2,376 homes, have risen 11 per cent year on year, according to a report released today by the property company Asteco. However, data shows that there has been no change to rents at the development during the third quarter. There are also 1,818 apartments at the Al Reef Downtown development.
Current rates show a two-bedroom villa costing between Dh110-120,000 annually, three bedrooms Dh130-140,000, four bedrooms Dh150-165,000 and five bedrooms Dh180-190,000.
The report shows fluctuations in the single digits for both villas and apartments in the capital.
Average sales prices for Al Reef villas have increased 19 per cent year on year according to Asteco, having risen 1 per cent in the third quarter.
The average sales price for a two-bedroom villa during the past three months was Dh1.6m, a three-bedroom was Dh2m, four-bedroom Dh2.5m, while a five-bedroom was Dh3m, the Asteco data shows.
ioxborrow@thenational.ae
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