Aldar’s Noya project sold out within four hours on its public launch

The Abu Dhabi based real estate development company Aldar Properties’ residential project on Yas Island has witnessed high-level demand and was sold out within four hours on the first day of its public launch.

With the sale of 510 townhouses and villas, Aldar properties got to secure about $272.2 million which in turn will increase the company’s year-to-date sales to more than $816 million. The strong demand for the project indicates Abu Dhabi real estate market’s interest in premium products.

Aldar Properties, the UAE’s biggest listed property developer announced the launch of Noya, based in an investment zone on Yas Island on Thursday. The planned residential project is the first affordable townhouse and villa community on the Island.

The construction of the residential project is expected to start by the first quarter of 2021 with completion due by mid-2023.

“The strong response we received on Noya is a prime example of our commitment to deliver the right property that meets the market demand and expectations of customers. It is also a clear testament to the strength of Abu Dhabi’s real estate market and the solid appetite for well-priced, premium developments in prime locations like Yas Island.”

In a statement given the company said that Noya was open to all nationalities where 60 percent of the buyers were UAE nationals and the rest were from outside the country. The sale was able to attract buyers from various demographics with nearly half of the buyers aged under 45 and 20 percent under 30 years. A strong female representation was also seen.

According to Cavendish Maxwell, a leading property consultant firm from the first quarter of this year to the third quarter the average apartment sale prices in Abu Dhabi’s major residential areas fell by 5.6 percent and the villa and townhouse prices declined to 5.3 percent.

Earlier this month, Aldar Properties reported an 8 percent increase in third-quarter net profit to $113 million as its revenue increased by 30 percent on the prior-year period.