Aldar Sees International Demand for Its First #Dubai Houses - Bloomberg

Aldar Sees International Demand for Its First Dubai Houses - Bloomberg

Aldar Properties PJSC, Abu Dhabi’s biggest developer, is starting sales of its first housing development in neighboring Dubai as strong demand in the Middle East’s business and tourism hub provides a lucrative opportunity for developers.

The firm is planning three projects in Dubai with a total development value of 20 billion dirhams ($5.4 billion). Its joint venture with Dubai Holding will kick off sales at Haven, a development of 2,400 homes, on Tuesday, Aldar’s acting chief finance and sustainability officer Faisal Falaknaz said in a call with reporters on Monday.

Dubai’s property market has broken a decade-long record for total home sales and seen rents jump to unprecedented levels. The rebound from a seven-year slump has been fueled by an influx of newcomers, from crypto millionaires and bankers relocating from Asia, to wealthy Russians seeking to shield assets. The government has also relaxed visa laws and introduced visas for job seekers and freelancers.

“The demand over the past week has been astounding,” Falaknaz said. “We’re getting a lot of queries internationally.”

The homes at Haven, which have prices starting at 2.5 million dirhams, will be sold in phases based on demand, he said. Amenities will include a central park, pools and play areas for children along with a community center built in the shape of a tree house, according to marketing materials.

Aldar said separately on Monday that its attributable profit for the third quarter reached 794.2 million dirhams, a 43% increase from a year earlier. The company has a backlog of 29.1 billion dirhams in development revenue that’ll be booked over the next two to three years. Falaknaz said the company’s next project in Dubai will start next year.