Aldar Properties and Diamond Developers have sold out the first phase of The Sustainable City – Yas Island within 24 hours of its public launch.
The project is a joint venture of Aldar Properties (Aldar) and Diamond Developers.
Reflecting the resounding success of Aldar Properties’ first partnership on development, sales at the first phase of the sustainability-centric community reached over Dhs1 billion, and the remaining 352 townhouses and condominiums have now been released for sale.
A total of 512 homes were available during the first phase of The Sustainable City – Yas Island project, with 76% of the units purchased by expats, of which 24% were overseas investors, demonstrating Aldar’s growing global customer base.
Young customer base
87% of customers purchased their first Aldar property, creation a new customer base. 66% of buyers were under the age of 45, which demonstrates the strong demand for sustainability-driven properties and communities among younger generations.
The sales launch of The Sustainable City – Yas Island project was the first fully-paperless sales event for Aldar Properties, where customers completed their transactions digitally, using electronic signatures.
Digitalization of real estate transactions
Digitalization of real estate transactions in the UAE offers a convenient experience for customers and a more environmentally friendly way to complete property purchases.
The digitalisation of real estate transactions, which was enabled through the introduction of the UAE’s Law on Electronic Transactions and Trust Services (E-Law), offers an enhanced and more convenient experience for customers and a more environmentally friendly way to complete property purchases.
The Sustainable City – Yas Island is the product of a joint venture with Diamond Developers, the mastermind behind The Sustainable City brand.
Construction of the project will commence in Q2 of 2023, with first handovers expected in Q4 of 2025.
Jonathan Emery, Chief Executive Officer at Aldar Development said: “From formulating its Green Agenda to declaring 2023 as the Year of Sustainability, the UAE continues to prioritize sustainable development. The success we have seen with The Sustainable City – Yas Island is an endorsement of the government’s forward-thinking policies, and is a clear indication that buyers are looking for more sustainable ways of living.”
tanvir@dubainewsweek.com
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