Aldar Properties has started marketing the second phase of the West Yas luxury villas development as the developer capitalises on the lack of stock in the capital.
Abu Dhabi’s largest developer said the off-plan villas project of 1,017 four-bedroom and five- bedroom villas, which are available only to Emiratis, were being offered at prices starting at Dh4 million.
It said that a first phase of 300 off-plan villas at the development that went on sale last month were all sold.
Aldar Properties did not say how many villas were in the second phase of development.
The villas, located along the island's mangroves, are expected to be handed over to buyers at the end of 2017. Talal Al Dhiyebi, Aldar's chief development officer, said the developer had noted "significant" demand for the new villas and that the project would appeal to "Emiratis from across the UAE, who are looking for a long-term investment opportunity".
Meanwhile, the property broker Cavendish Maxwell reported that villa and apartment prices in Abu Dhabi dropped 1 per cent in the third quarter as the new mortgage cap, the strong dirham and the fall in global oil prices continued to weigh on the market. As a result, the prices for villas and apartments are down 4 per cent from a year ago.
Villa prices fell the most in Al Reef, where they were down 7 per cent on the year, while villa prices in Al Raha Gardens and Saadiyat Beach Villas fell 4 per cent and 3 per cent respectively.
Apartment prices in Al Ghadeer, Al Reef Downtown and Saadiyat Beach Residences all fell by 4 per cent over the year, Cavendish Maxwell found. Apartment prices in Raha Beach and Reem Island fell 3 per cent.
Property prices in Abu Dhabi have held up better than in Dubai, thanks to the lack of stock. In Dubai, sales prices for villas have fallen 7 per cent over the past year, while apartment prices have declined by an average of 11 per cent, according to the realtor JLL.
Cavendish Maxwell estimated that about 15,000 new homes were being built in the capital, making up just 6 per cent of existing stock, as Abu Dhabi’s government-run master developers limited the number of new homes coming to the market.
“Abu Dhabi’s key developers … all have the capacity to deliver more,” said Adam Wisher, the head of development advisory at Cavendish Maxwell, yesterday.
lbarnard@thenational.ae
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