Abu Dhabi’s largest developer Aldar Properties said on Sunday that it sold plots worth 1.6 billion dirhams ($436 million) on a single day, which it called a sign of improved investor sentiment.
Values and rentals on Abu Dhabi’s property market have fallen, weighed down by a slowing economy in the last two years.
Aldar sold some 150 commercial plots and 786 residential plots within its latest development, Alreeman, mainly to UAE nationals and some Arab expatriates, its chief executive Talal al Dhiyebi told Reuters.
“This market is starting to become mature and sophisticated, there’s positive sentiment,” he said.
Aldar will fully recognise the revenue and profit over the course of the next two years or so, he said.