Monday, April 13, 2009

Abu Dhabi property sector welcomes foreign buyers for the first time

Al Reef Development by the Manazel Real Estate is progressing as scheduled, and is the first property project to deliver homes in Abu Dhabi, which can be purchased by foreigners. Also, the Al Raha Beach, by Aldar Properties, is also on its way towards completion of its first phase of the development.

Al Reef includes 2380 villas and 1810 apartments near the Abu Dhabi International Airport. The first phase of Al Reef villas will be delivered during the third and fourth quarters of this year, while the other phases are scheduled between March and the end of next year. This includes the 46 five-storey apartment buildings of Al Reef Downtown. Al Reef villas and apartments were sold out soon after their launch in 2006.

Manazel, a private developer, is also likely to hand-over the keys of Dunes Village, a 942 apartment project in Dubai, next week to investors. The Dunes Village comprises 19 five-storey buildings in Dubai Investment Park on the Emirates Road. This will be completed by 15th April.

"Dunes and Al Reef are nearly complete, and nothing of it has been altered," said Zeyad al Bakeri, Senior Project Manager at Manazel. However, due to the recession in the property sector, the company had to reschedule its ambitious project, Building Materials City (BMC), extending the construction period to five years, instead of three.

The BMC includes 4151 apartments, offices and a shopping mall. The mall and the two prestige towers are under construction. The towers would be completed in three phases over five years, instead of two-and-a-half years as originally planned.

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