UAE’s Aldar sells out Yas Island development in four hours

UAE’s Aldar sells out Yas Island development in four hours

Abu Dhabi's Aldar Development has sold out its newly launched Noya Luma development in four hours, generating sales of $152 million (AED 560 million). The developer said 53 percent of buyers of the 189 standalone villas, for which construction is due to start in , are under 40 and 31 percent were women. The villa development is the third phase of the developer's Noya project on Yas Island. Aldar said UAE nationals represented the largest nationality group among buyers at 50 percent, followed by Lebanon, Jordan, Canada and Syria. Nearly three quarters - 73 percent - were buying an Aldar property for the first time, the company said. Rashed Al Omaira, Chief Commercial Officer at Aldar Development, said: "To satisfy the needs of our customers, we made the decision to only offer standalone villas at Noya Luma following the significant interest registered in villas at the first two phases and this has proven to be a very successful approach. "Similar to other recent launches, we saw growing interest from overseas buyers at Noya Luma and we expect this trend to continue as more and more expats realise the benefits of Abu Dhabi's recently implemented real estate, residency and investment reforms.“