Strong foreign demand sharply boosts Aldar sales
A surge in purchases by clients from the UK, Russia and other countries boosted sales by the Abu Dhabi-listed Aldar Properties by nearly 20 percent in 2024, its CEO said.
Talal Al-Dhiyebi told the semi-official UAE daily Al-Ittihad that the Company's total residential sales soared to a record high of around 33.6 billion UAE dirhams ($9.15 billion) last year from nearly AED27.9 billion ($7.60 billion) in 2023.
The increase brought the Company's total sales since the end of the Coronavirus pandemic to nearly AED83 billion ($22.61 billion), he stated.
Al-Dhiyebi said there has recently been a large rise in the number of buyers from foreign countries, mainly the UK, Russia, China and India.
He said the value of sales to foreigners residing inside and outside the UAE jumped from around AED16 billion ($4.35 billion) in 2023 to AED22.2 billion ($6.05 billion) in 2024.
'This is equivalent to around 78 percent of the total sales in 2024…sales to UAE citizens stood at around 22 percent last year,' he said.
Al-Dhiyebi attributed the surge in post-pandemic sales to a number of factors, including the enactment of new investment laws in the UAE, better visa and residence facilities, business incentives and lower fees on various services.
In a report in late 2024, Aldar said it was executing housing projects worth at least AED25 billion ($6.8 billion) in the UAE and other countries.
The government-controlled firm, one of the largest developers in the region, said it was also pushing ahead with major projects on Yas and Saadiyat islands and intended to deliver least 1,700 houses, apartments and villas before the end of 2024.
Out of the 43 housing projects launched in Abu Dhabi emirate during 2024, 10 projects are owned by Al-Dar, the Abu Dhabi Municipality said in early 2025.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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