Aldar generates more than Dh5bn in sales from new housing developments

Aldar Properties, the leading developer in Abu Dhabi, reported generating more than Dh5 billion in sales from two new residential housing projects on Saadiyat and Yas islands. UAE citizens made up 31% of the buyers for the Talay and Yas Riva Reserve projects, while international buyers from the UK, Russia, Jordan, and India accounted for the remaining portion.

Aldar's chief executive, Jonathan Emery, attributed the continued demand to confidence in the emirate, despite uncertainties caused by the Iran war. Property market performance in Abu Dhabi has remained robust, with total real estate transactions in the first half of the year increasing by 112% year-on-year, reaching Dh117 billion.

This surge in transactions, which rose by 61.7% to 16,838, is coupled with a rise in property prices, up 21.6% year-on-year in the second quarter of the year. Aldar's latest announcement includes the launch of Talay, a project with 351 villas located in Marsa Al Saadiyat, and Yas Riva Reserve, a gated villa community featuring 292 villas.

The company also announced a strong second-quarter financial performance, with net profit increasing by 10% annually to Dh2.16 billion and revenue and rental income growing by 5% year-on-year to Dh8.1 billion. Aldar's development backlog stood at Dh71.6 billion by the end of June, including Dh59.9 billion from the UAE, which is expected to fuel revenue recognition over the next two to three years.