Aldar Properties, a real estate development, management and investment company located at Abu Dhabi, has opened the sale of its off-plan villas at West Yas development to people of all nationalities.
With a plan to develop 1,017 four-bedroom and five-bedroom villas located along Yas Island’s mangroves, the developer expects the project to be completed by the end of 2017. The villas range between 600 sq. mt. to 800 sq. mt. in size with a starting price of Dh4.3 million. As per the current payment plan informed by Aldar, buyers can block a villa with a down payment of 5 per cent of the purchase price. They could pay 25 per cent during construction and 75 per cent upon handover.
“We have witnessed significant demand for the enriched community living experience that West Yas offers in Abu Dhabi’s most exciting destination, Yas Island,” says Mohamed Khalifa Al Mubarak, Chief Executive, Aldar Properties.Much of the infrastructure work on West Yas is nearing completion.
This news comes at a time when demand for high-end villas is reported to have fallen since low oil prices force companies to stop recruiting high-earning executives who can afford to rent such expensive properties. Average home prices in Abu Dhabi are said to have declined by 5.2 per cent in the first nine months of the year and are expected to fall further in the near months, as reported by Cluttons.
The West Yas announcement has its positive impact on the market as Aldar’s shares rose 2.3 per cent to close at Dh2.66 on Wednesday which is higher than its benchmark index of 1.7 per cent.