New payment plans rolled out for six developments in Abu Dhabi

Aldar is introducing post-handover payment plans for the first time

Aldar properties launched a Dh722 million residential project on Saadiyat Island. EPA

Aldar Properties on Monday introduced new post-handover payment plans at six of its projects in Abu Dhabi.

Customers will be able to buy villas, townhouses and apartments with no registration fee and payments spread over four to five years after handover for up to 60 per cent of the development value. The plan is applicable at its Mamsha, Jawaher, Yas Acres, Mayan, Alghadeer and Reflection developments.

“Under the terms of the new post-handover payment plans, customers will be able to buy dream homes on beneficial terms at a choice of six prime developments in Abu Dhabi,” Maan Al Awlaqi, Executive Director, Commercial at Aldar said in a statement.

The development comes as Abu Dhabi focuses on boosting the property market with a new real estate law that allows foreigners to own freehold property in designated zones. Earlier, ownership of property was only allowed to UAE and GCC nationals.

Abu Dhabi government also launched a Dh50 billion Ghadan 21 programme that is expected to have a positive impact on the real estate sector in the emirate. Long-term visas are also being granted by the government for investors.

In the first six months of this year, Abu Dhabi's real estate sector overall saw 10,000 transactions worth Dh31bn, according to a report by the Department of Urban Planning and Municipalities. Reem Island topped the volume of transactions in the capital with deals totalling Dh4.37bn.