Aldar says demand still strong despite oil slump

Mayan projectThe first phase of sales for Mayan, a residential development on Yas Island, will commence from November 15. Mayan offers 800 units that include studios, apartments l Image Credit: Aldar

Aldar Properties, the Abu Dhabi-based real estate developer, said it has continued to see strong demand for its residential and commercial properties despite falling oil prices and the knock-on impact on investor sentiment.

Talal Al Dhiyebi, chief development officer at Aldar, reiterated that the company has seen strong demand for its latest projects that include Hadeel, Nareel, Mira, and West Yas.

“Prices [in Abu Dhabi] are still holding up. They have been falling elsewhere, but in Abu Dhabi prices are still holding on the existing developments that have seen some growth in rental rates in prime areas, and in new developments.

Today, our office portfolio is 92 per cent occupied. Our HQ building is 100 per cent occupied, which shows that businesses are expanding. Those indicators show us that there is still resilience in the market, and that resilience is because of the strategy of the government to diversify the economy into non-oil GDP,” he said.

Al Dhiyebi was speaking at a press briefing to announce that the first phase of sales for Mayan, a residential development on Yas Island, will commence from November 15. Mayan, a Dh1.5 billion project, offers a total of 800 units that include studios, apartments ranging from one-bedroom to four-bedroom units and villas.

Units are available for purchase for all nationalities, with the first phase having 271 units on offer — 261 of which are apartments while the other 10 are villas. Prices start from around Dh810,000. Construction is set to commence next year, with delivery of the units in phase one to take place in 2018.

Mayan, located behind Yas Plaza, also encompasses retail and dining outlets, with 90 per cent of the units on sale offering views of the sea and golf courses.

The chief development officer also said that Aldar has plans to launch more affordable accommodation offerings following the launch of 408 apartments on a development called Meera, which is now 80 per cent sold.

“We’re looking to launch affordable accommodation projects in the future on Al Reem Island, Raha Beach, and Yas Island. We look at the customer demographic and the population, and we see demand drivers in each of those segments,” Al Dhiyebi said.

Source: Sarah Diaa, Staff Reporter,


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