Yas Island apartment sale draws enthusiastic reception in Abu Dhabi

Investors crowded into the breakfast room of the Crowne Plaza hotel to snap up the first residential units for sale on Yas Island yesterday.

While there was a mix of local and expatriate investors for Aldar’s first property sales available for non-UAE nationals on the island, the going appeared slower than the company’s last sale of Al Hadeel units.

The developer did not disclose how many units were available for sale yesterday but said that all of them had been sold.

All 223 off-plan Al Hadeel units, which included studios, apartments, town houses and duplexes, were sold off in the first couple of hours in last month’s event.

Earlier an Aldar spokeswoman said yesterday that the response for the off-plan 540-unit Ansam project was “quite good”.

At 10am – two hours after the sale opened – the number of potential buyers in the halls milling around the juice and croissant stands was about 300, with 75 already having been to the sales counter.

About 2,000 people had registered their interest for the project at Abu Dhabi’s Cityscape exhibition in April and on the developer’s website.

Aldar launched the first phase of Ansam apartments overlooking the Yas Links Golf Course at prices ranging between Dh723,000 for a studio and Dh3 million for a three-bedroom apartment.

The construction of the units is due to start early next year and is expected to be complete in 2017.

The second phase of Ansam will include 1,200 apartments but its release date has not been announced.

Investors can acquire up to five units, but that must be a mix of studios and apartments.

“There is a good market for the right product because there has been a shortage of off-plan sales in investment areas in Abu Dhabi,” said Craig Plumb, the head of research at JLL’s Dubai office.

“Part of the problem with the Abu Dhabi property market is that there are still few investment zones where foreigners can buy and that limits the options.”

Expatriate investors in Abu Dhabi are restricted to nine areas such as Saadiyat Island, Al Raha Beach, Reem Island, Masdar, Lulu Island and Sowwah Island to own 99-year leases, according to the Abu Dhabi 2030 Plan.

Abu Dhabi properties have been relatively cheaper than Dubai’s since late 2012. “Prices will continue to rise in Dubai, therefore encouraging people to see Abu Dhabi as a good value,” Mr Plumb said.

While there are no restrictions on how long an investor needs to wait before reselling units, at least half of the purchase price must be paid to Aldar before they can be resold. The Dubai developer Emaar requires buyers to pay 40 per cent of the home value before resale is permitted.

Aldar’s next announced project is on Nareen Island, where it hopes to sell 140 villa plots to Emiratis. The island is located near the Emirates Palace hotel in Al Bateen.

The company has 23 developments under consideration, including the Alghadeer development near the Dubai 2020 Expo site.

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While you're here

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How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

A cheaper choice

Vanuatu: $130,000

Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.

Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.

Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.

Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality

The National Editorial: Is there much to celebrate on International Women's Day 2021?

MATCH INFO

Austria 2
Hinteregger (53'), Schopf (69')

Germany 1
Ozil (11')

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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.

- Abdullah Ishnaneh, Partner, BSA Law

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Your rights as an employee

The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.

The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.

If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.

Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.

The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.

Favorite place to go in the UAE: A quiet beach.