The first phase of The Sustainable City – Yas Island, developed by Aldar Properties and Diamond Developers, has sold out within 24 hours of its release. The project has reached over AED 1B in sales, and the remaining units have been made available for purchase. A total of 512 homes were available during the first phase, with a majority of the units purchased by expatriates, including overseas investors. This shows an increasing international interest in Aldar properties.
Additionally, 87% of the buyers were first-time Aldar customers, indicating a growing demand for sustainable living among new customers and younger generations. Jonathan Emery, Chief Executive Officer at Aldar Development, commented on the development’s quick sell-out, saying: The UAE continues to prioritise sustainable development, from developing its Green Agenda to naming 2023 the Year of Sustainability. The Sustainable City – Yas Island’s success confirms the government’s progressive initiatives and shows that consumers are seeking out more environmentally friendly living options.
Along with Diamond Developers, it gives us greater motivation to complete future projects of similar nature in the area, according to WAM. “Selling out the first phase of the community is a fantastic result for our business and caps off a perfect week having launched our net-zero plan and a number of other commitments across our business during Abu Dhabi Sustainability Week.”
The Sustainable City – Yas Island’s sales launch was Aldar’s first entirely paperless sales event, allowing clients to complete their purchases online using electronic signatures. The UAE’s Law on Electronic Transactions and Trust Services (E-Law), which permitted the digitalization of real estate transactions, provides clients with a better and more convenient experience as well as a more environmentally friendly approach to execute property purchases.
The Sustainable City – Yas Island, unveiled in January 2022 at Abu Dhabi Sustainability Week, is the result of a joint venture with Diamond Developers, the company behind The Sustainable City brand. The project’s construction will start in Q2 2023, and the first handovers are anticipated in Q4 2025.