Aldar close to more property handovers in Abu Dhabi
Developer to hand over plots on Nareel Island and at Al Merief this quarter
Abu Dhabi's property supply is set to receive a boost as developer Aldar said it is close to handing over plots at two more new projects during the first quarter.
Units on Nareel Island, on the coast of Al Bateen and featuring private beaches, are scheduled to start being handed over this month. Meanwhile, plots at Al Merief, a residential community specifically designed for Emiratis in Khalifa City, will also be handed over during the first three months of this year.
Aldar said it would continue to hand over homes at its Ansam development on Yas Island and Al Hadeel at Al Raha Beach.
Other developments on Yas Island are "on track at various stages", Aldar said.
"At West Yas, interior work is progressing well and nearing completion in certain areas, with more than 300 villas under the final fix and testing stage, in preparation for handover to customers," it said.
"In addition, the school, mosque and retail building have been handed over."
At Mayan, "building activity continues as shoring, enabling and reinforcement works continue across the entire project".
At Yas Acres, Aldar said villa and town house construction "is well under way in the three precincts launched to date, with work on the main utility networks progressing across the entire site".
Main works on The Bridges on Reem Island are set to commence early in the second quarter. Elsewhere on Reem, Aldar said Meera is making "steady headway, with glazing and facade work nearing completion on both buildings".
Property brokers have been in agreement that rents will continue to fall during 2018, having slipped in the region of 10 per cent last year.
Cluttons said in its Winter 2017-18 Abu Dhabi Property Market Outlook that rents and sale prices had been affected by lower housing allowances and the introduction of VAT, which came into effect on January 1.
Updated: January 10, 2018 02:47 PM