Real Estate Aldar garners $272m from sale of phase one of sustainable city By Pramod Kumar January 23, 2023, 5:47 AM Wam The highest volume of transactions last year – AED4.2 billion – were in Yas Island, where a sustainable city is planned Abu Dhabi-listed Aldar Properties (Aldar) and Diamond Developers, the developers of The Sustainable City – Yas Island, sold out the project’s first phase in a day, generating sales of over AED 1 billion ($272.25 million). A total of 512 homes were sold in the first phase, with 76 percent of the units purchased by expatriates, of which 24 percent were overseas investors, reflecting a growing international customer base, the developers said in a joint statement. Nearly 87 percent of customers purchased their first property with Aldar, while almost two-thirds of buyers were under 45. Jonathan Emery, CEO at Aldar Development, said: “From formulating its green agenda to declaring 2023 as the Year of Sustainability, the UAE continues to prioritise sustainable development. The success we have seen with The Sustainable City – Yas Island is an endorsement of the government’s forward-thinking policies and is a clear indication that buyers are looking for more sustainable ways of living.” The statement said the construction will commence in Q2 2023, with first handovers expected in Q4 2025. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
