Abu Dhabi-based developer Aldar Properties reported a 14 percent rise in third-quarter net profit, partly fuelled by strong demand for homes from expatriates and foreign investors. 

Net profit reached 474 million dirhams ($129 million) in the quarter that ended September 30, bringing the year-to-date net profit to1.54 billion dirhams, up by 28 percent from the same period in 2020. 

From July to September alone, Aldar recorded development sales worth a total of 2.69 billion dirhams, the highest ever recorded in a quarter. This brings the year-to-date total sales to 6.14 billion. 

The developer has recently launched new projects, including The Magnolias at Yas Acres, which features townhouses and villas with a starting price of 2.49 million dirhams, and the second phase of Al Gurm, a luxurious beachfront community.  

Home ownership 

According to the developer, there is a growing demand for home ownership from expatriate residents and foreign investors. There is also a significant demand from both first-time homebuyers and female customers. 

“The expatriate homeowner and foreign investor demographic continues to grow,” Aldar said. 

“[New project launches] comprised a diverse product mix appealing to a broad customer base seeking high-quality properties from mid-range to luxury, with strong demand for both the off-plan and ready-to-move-in segments. Villas and townhouses on Yas Island continue to drive sales,” it added. 

Talal Al Dhiyebi, Group CEO of Aldar Properties, said their sales growth has also been complemented by “solid” leasing activity in the company’s retail and commercial investment property portfolios. 

“We expect to see operating activities across our commercial and retail assets to continue to grow in line with the macroeconomic recovery that is well underway,” Al Dhiyebi said. 

The CEO indicated that more projects will continue to be delivered, to meet the growing demand.  

“Aldar continues to seek attractive and value accretive investment opportunities to grow our portfolio of operating assets and we plan to bring more new developments to the market, driven by our expanding client base, including overseas investors.” 

(Writing by Cleofe Maceda; editing by Daniel Luiz ) 

Cleofe.maceda@refinitiv.com 

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