UAE property developers Aldar and Emaar reported strong sales numbers as the UAE property market gathers steam. Abu Dhabi’s Aldar said that investors snapped up all 480 residential units in the Noya Viva expansion on Yas Island within 48 hours, generating AED 1bn ($272mn). Dubai’s Emaar Properties reported that its Q1 sales hit AED 6bn ($1.6bn), towering past the AED 2.5bn ($680mn) in sales last year. According to Aldar, buyers for their latest development span across 33 countries though 61% of their units have been purchased by UAE nationals. Analysts say that the fall in property prices has seen buyer sentiment soar to highs, besides new visa policies for expats and decisions to introduce citizenship.
For the full story, click here