Abu Dhabi’s largest developer Aldar Properties has launched its first properties in the Saadiyat Island Marina District.
The new mid-rise development, called Nouran Living, consists of 372 studios, and one-, two- and three-bedroom apartments, Aldar said on Wednesday.
The apartments, with prices starting from Dh750,000, come in two colour schemes and are available to buy from March 19.
Nouran Living will have several amenities, including a co-working lounge, swimming pool, a dedicated cinema, gym, padel court and running track.
Construction of Nouran Living is scheduled to start in the fourth quarter of this year, with handovers expected in the last quarter of 2027.
The project, located close to New York University Abu Dhabi, is equipped with an e-scooter store and an electric vehicle parking facility.
The launch of the latest project on Saadiyat Island comes as the property market in Abu Dhabi continues to grow.
The ValuStrat Price Index, which analyses changes in property values, grew by 4.2 per cent annually for UAE capital last year.
“Continued steady price and rental growth during Q4 2023 demonstrates a maturing market in Abu Dhabi's ready home sales, this is supported mostly by domestic buyers,” said Haider Tuaima, director and head of real estate research at ValuStrat in the Q4 report.
“High demand for off-plan properties has been evident with an increase in foreign investors.”
Highest gains
ValuStrat said Abu Dhabi recorded 2,238 off-plan sales transactions last year, which represented 75.1 per cent of overall sales, were up 39.4 per cent compared to the same period in 2022, while ready home sales volume rose 36.5 per cent to 740.
Saadiyat Island saw the highest annual capital gains in Q4, as villa prices rose 12.6 per cent, ValuStrat said in its latest quarterly real estate review report. It was also among the best performing for apartment sales, with a 4.1 per cent increase in prices in Q4.
Aldar said in February that it plans to invest Dh5 billion ($1.36 billion) to develop a range of income-generating assets in the emirate, with a focus on commercial, retail and hospitality sectors.
It said the new assets will be delivered in a phased manner between 2025 and 2027 and will include commercial assets in Yas Island, Saadiyat Island and Al Maryah Island.
On Saadiyat Island, the company said it will develop a business park with about 26,000 square metres of net leasable area (NLA) at Saadiyat Grove, an integrated mixed-use development in Abu Dhabi’s Cultural District. Set for completion in 2027, the project will have four Grade A commercial office buildings.
The company is also developing 78,000 square metres of commercial NLA at Saadiyat Grove, including a central shopping destination, two retail boulevards, and community retail spaces. It will also develop retail assets in Saadiyat Lagoons, Noya, and Yas Golf Collection.
In November, Aldar launched sales of branded properties at Nobu Residences Abu Dhabi on Saadiyat Island.
Located in the upmarket Mamsha Al Saadiyat, Nobu Residences includes 88 apartments, a 125-key hotel, a Nobu restaurant and a rooftop bar. The development is slated to be completed in Q2 2027.
For a detailed perspective on the property market, visit: Abu Dhabi - Real Estate Review Q4 2023
