Aldar Properties opens West Yas villa sales to expats
Aldar Properties has opened up sales of off-plan villas at its West Yas development to all nationalities.
Abu Dhabi’s largest listed property developer had started marketing the development of 1,017 four bedroom and five bedroom villas on Yas Island last year exclusively to Emiratis.
The villas, located along the island’s mangroves, are expected to be handed over to buyers at the end of 2017.
Aldar said that prices start from Dh4.3 million and the villas range from 600 to 800 square metres in size.
The company added that it was offering buyers a payment plan where they could pay 25 per cent during construction and 75 per cent upon handover with a down payment of just 5 per cent of the purchase price.
Aldar said on Wednesday that it was making the move because it had seen “significant demand” for the villas.
“We have witnessed significant demand for the enriched community living experience that West Yas offers in Abu Dhabi’s most exciting destination – Yas Island,” said the Aldar chief executive Mohamed Khalifa Al Mubarak. “As such, we are delighted to open up West Yas to purchasers of all nationalities who will be able to take advantage of this master-planned community and its exceptional range of community facilities.”
The news comes as property brokers in Abu Dhabi continue to report falling demand for high end villas as low oil prices force companies to cut back on hiring the sort of high earning executives who can afford to rent such expensive properties.
On Monday, Cluttons reported that average house prices in Abu Dhabi fell 5.2 per cent in the first nine months of the year and were expected to fall further. Sea view villas on Saadiyat Island – currently the capital’s most expensive recently built villa neighbourhood – had the biggest falls with prices down nearly 18 per cent since the start of the year.
“The top end of the villa market has borne the brunt of a diminishing rate of creation of senior level positions, while housing allowances have also continued to slip across the board,” said Edward Carnegy, head of Cluttons Abu Dhabi office in the report.
Aldar said that much of the infrastructure work on West Yas was nearing completion. A mosque, shopping centre and recreational club are to be completed before the end of this year.
Aldar made the West Yas announcement before the markets opened. The company’s shares rose 2.3 per cent to close at Dh2.66 in Abu Dhabi on Wednesday, versus a rise of 1.7 per cent for the market’s benchmark index. For the year to date Aldar shares are up 14.6 per cent while the wider market is up 2.9 per cent.
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