Abu Dhabi’s Aldar offers post-handover payment plans to investors

Abu Dhabi’s biggest developer Aldar Properties has launched an option for post-handover payment plans to meet market demand, it announced on Monday.

The new plans will offer investors a full waiver of registration fees and longer payment schedules for six of its developments across Abu Dhabi, including Mamsha, Jawaher, Yas Acres, Mayan, Alghadeer, and Reflection.

Under the terms of each plan, investors will be able to buy villas, townhouses and apartments with no registration fee and payments spread over four to five years after handover for up to 60 per cent of the development value.

The length of the post-handover payment plans excludes the period of the construction work.

Maan Al Awlaqi, executive director – Commercial at Aldar, said: “Meeting customer demands is a top priority for us, and this promotion is designed to create convenience and flexibility.”

Abu Dhabi’s property market has seen a slump in recent years, with prices for apartments declining on average between 4 per cent to 11 per cent during the first half of this year, according to a new report by online property firm Bayut.

Read: Abu Dhabi residential prices, rents continue to drop in H1

However, Aldar has continued to see demand for its new projects.

Last month, the developer said that over 75 per cent of the first phase of its newly launched Alreeman II development sold out on the first day of sales, generating Dhs420m.

Located in the Alshamkha area of Abu Dhabi, the development is a Dhs1.7bn master-planned residential community, available exclusively for purchase by UAE nationals.

Sales of the first phase of the land plots began on June 22, with prices starting from Dhs690,000 per plot.

Up to 20 per cent of the investors opted to purchase their land plot on a 50/50 payment plan, it said.

Alreeman II is spread across an area of 2.4 million square metres and features villa plots ranging from 500 to 1,000 square metres in size.

Read: Abu Dhabi’s Aldar says over 75% of its Alreeman II project’s phase one sold out