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- Aldar said on Monday it had achieved property sales of above 1 billion dirhams for the third consecutive quarter
DUBAI: UAE property buyers are seeking bigger villas and seafront locations as the post-pandemic real estate market puts a premium on space, according to the CEO of Abu Dhabi’s biggest developer.
Aldar Group CEO Talal Al-Dhiyebi also revealed a rapidly changing mix of investors acquiring the developer’s units with the number of Indian expatriate and female investors rising sharply.
Aldar on Monday reported an 80 percent jump in first quarter profit from a year earlier to 544 million dirhams ($148 million), beating analyst expectations.
“The story in Abu Dhabi and Dubai post-pandemic has been very similar where people are moving to prime sea-facing properties. After the lockdowns in Europe and the sub-continent we saw a strong push of people moving in,” said Al-Dhiyebi in an interview with Bloomberg TV on Tuesday. “Our Indian buyers are now our second strongest buyers for the first time in Abu Dhabi. What is also interesting is that it is the first time we have crossed 30 percent female investors in off-plan sales since our inception. So the dynamics have changed. People are looking for opportunities. That has resulted in price increases in those prime and horizontal developments and we expect that to continue until the end of 2021.”
His remarks and the company’s underlying performance are the latest indicator of a shift in sentiment toward some segments of the UAE property market, despite a large overhang of completed and soon-to-be-completed new homes.
Aldar said on Monday it had achieved property sales of above 1 billion dirhams for the third consecutive quarter with its development business reporting a 47 percent year-on-year increase in revenues.