Aldar Properties (‘Aldar’) has announced that Magnolias, the third phase of its flagship Yas Acres development on Yas Island, has been sold out. This follows the strong demand seen in the first three phases of Yas Acres and the rapid sell-out of the three phases of Aldar’s adjacent Noya development.
The sale of the 312 spacious townhouses, duplexes and villas at Magnolias generated more than AED 1 billion in sales and demonstrates the continued strong demand in the Abu Dhabi market for well-designed and well-located homes. Aldar is currently finalising the next phase of Yas Acres with 120 new properties at ‘Dhalias’ set to be released to the market before the end of 2021.
With Abu Dhabi’s successful vaccination programme, the new golden visa programme and other investment friendly reforms, the capital has become an even more attractive proposition for international investors. Aldar’s strategic focus on this investment group is paying off with 16% of the total value of sales at Magnolias coming from offshore international buyers. This represents the highest percentage of overseas sales at any Aldar development launched in 2021. Overall, international and resident expatriates represent 55% of the customer base, while UAE nationals account for the remaining 45%. 78% of all buyers were first-time purchasers of an Aldar home.
Commenting on the strong sales performance of Yas Acres, Rashed Al Omaira, Chief Commercial Officer at Aldar Development, said: “Yas Acres represents one of the most sought-after communities in Abu Dhabi, and the significant demand we have seen for Magnolias cements this reputation. The spacious, lifestyle-focused homes represent a compelling opportunity for both investors and owner occupiers looking to make Abu Dhabi their long-term home.
“Our strategy to increase overseas buyers across our developments is working and we are proud to welcome a new wave of international investment into Abu Dhabi. The city’s real estate fundamentals and the draw that Yas Island has as a world-class destination are being reflected in sales activity. We anticipate demand for properties on Yas Island to go from strength to strength, which supports our rationale to launch the next phase of Yas Acres this year.”
Construction of Magnolias is due to begin in Q1 2022, with handovers expected to commence in Q3 2024.
