Amidst a boom in the real estate market, a developer reported $1.85 billion in sales across the nation over the course of three months.
The largest listed developer in Abu Dhabi, Aldar Properties, has reported a spike in sales of real estate in the UAE to both domestic and foreign purchasers, enhancing its revenue for the second quarter of the year amidst the ongoing expansion of the real estate sector in the nation.
82 percent of all sales in the UAE were to nonresident foreign buyers and domestic consumers over the three months ending at the end of June, according to a report released by Aldar on Monday to the Abu Dhabi Securities Exchange, where its shares are listed. These sales totaled Dh5.6 billion ($1.52 billion).
Due to the high demand for both new and existing developments in Abu Dhabi, Dubai, and Ras Al Khaimah, the company generated total UAE sales of Dh6.8 billion ($1.85 billion) in the second quarter, up 7% annually.
According to Faisal Falaknaz, Aldar’s chief finance and sustainability officer, the company’s primary target clients included Americans, Indians, British, Chinese, and Jordanians.
“There are regional and product-specific differences in nationalities. Accordingly, we had a larger concentration of Indians when we launched Athlon and Haven [in Dubai] than we would normally have in Abu Dhabi, for instance,” Mr. Falaknaz stated.
In collaboration with Dubai Holding, Aldar is building the housing developments at Athlon and Haven. The companies sold almost 1,000 villas and townhouses at Athlon in May for Dh4.1 billion, and more than 660 apartment apartments at Haven this month brought in Dh1 billion.
These include a brand-new master development in Dubai and an opulent beachside development at Al Fahid Island in Abu Dhabi.
According to Mr. Falaknaz, the most significant launch we have planned for Dubai is our third master plan launch, which will be the plot across Mohamed bin Zayed Road. We hope to launch that project by the end of this year or the start of next year.
Last week, Aldar also unveiled The Arthouse, a brand-new development with 281 luxurious apartments and sky villas in Abu Dhabi’s Saadiyat Cultural District.The project, which will include apartments with one, two, and three bedroom apartments, is anticipated to start building in the first quarter of 2025.
Along with the Dubai International Financial Centre on Sheikh Zayed Road, it also intends to build a Grade A office skyscraper with a net leasable area of 88,000 square meters and will include branded homes and a posh boutique hotel.
The latest disclosures coincide with Aldar’s 64% yearly growth in revenue and rental income during the second quarter, reaching Dh5.3 billion. With an average period of 28 months, the UAE’s income backlog increased from Dh29.1 billion at the end of 2023 to Dh33.2 billion as of the end of June.
For the second quarter, the company’s profit attributable to stockholders increased by 30% to Dh1.5 billion.
According to a survey by ValuStrat, Dubai’s villa market remained strong in the second quarter, with capital values rising by 33.4% annually and 7.3% quarterly.
According to the survey, apartment valuations increased further, rising 23.4% year over year and 5.4% when compared to the first quarter.
Wam reported in June, citing data from Abu Dhabi Real Estate Center, that the real estate market in Abu Dhabi registered transactions totaling Dh19.4 billion in the first quarter, stretching across 6,070 agreements.
According to the statement, over the three-month period, the emirate’s property sector brought in a record Dh1.81 billion in foreign direct investment. Investors from source countries like India, Russia, Canada, the UK, Jordan, and China increased their yearly investments significantly.
Planning to buy, rent or sell a property? Contact us at 800 HENRY or +971 56 484 3380 to get started
