The first houses in Abu Dhabi available for ownership by foreigners from outside the Gulf have been handed over to buyers four years after the project was launched.
Manazel Real Estate is delivering the homes at Al Reef, a development that comprises 2,380 villas and 1,810 apartments, located next to Abu Dhabi International Airport.
"I am very excited to move in," said Saeed al Dhaheri, a 28-year-old mechanical engineer who bought a four-bedroom villa and plans to move in with his family in two weeks.
He is moving from the Bateen airport area of the capital and said he would enjoy the extra space of a back yard. However, the promised mosque, gym and playground were still not completed, although he had been charged Dh17,000 (US$4,628) for community services, he added.
Another owner said she planned to rent out her two-bedroom villa for Dh160,000 a year to capitalise on strong demand for high-quality rental properties.
Faiza al Zarouni, the chief operating officer of Manazel, said owners were receiving their keys upon payment of their last instalment, equivalent to 35 per cent of the sales price.
"The constructor delivered the project last month and now we are handing over the keys to our customers," she said.
The properties come with 99-year leases for non-GCC citizens, but these are expected to convert to freehold contracts when the relevant laws are passed by the Government.
"This is the first project to be delivered in Abu Dhabi where all expatriates can buy, even though only on leasehold," said Andrew Covill, the head of investment sales at the property brokerage LLJ Property.
Although construction is still under way at the site, some residents have already taken possession of their properties. Most of the completed villas have utilities such as electricity and water, but some problems remained, residents said.
Although the first villas were handed over six months later than originally scheduled, Manazel said it hoped to complete most of the remaining villas by the end of next year, in line with the original schedule.
"In 2010 we are delivering other phases in batches," said Ms Zarouni. "The desert villas will be delivered during the first half of next year and the contemporary villas by the end of that year."
Al Reef's villas and apartments sold out after their launch in 2006 at an initial price of about Dh700 per square foot. Prices more than doubled on the secondary market before falling back from September last year, brokers said.
Landmark Advisory, a property consultant in Dubai, estimates sale prices for two and three-bedroom villas now range between Dh500 and Dh675 per sq ft while apartment prices range between Dh700 and Dh800 per sq ft.
Landmark said transaction prices had remained stable throughout the last quarter of the year and were not expected to increase until more properties were handed over next year. "Prices are only likely to increase marginally for developments that are close to completion during 2010," said Jesse Downs, the director of research and advisory services at Landmark.
Landmark said sales volumes fell this month from levels in November and October, two of the most active months of this year for Abu Dhabi, with interest focused on close-to-completion developments such as Al Reef Villas, Marina Square, Sky Tower and Al Bandar.
The consultant found that sellers in Al Bandar development had adjusted their expectations by reducing their asking price by about 9 per cent since September to Dh1,500 per sq ft in order to "start attracting more buyers that were until now focused on less expensive developments in Marina Square".
Brokers say buyers stayed away from the market this month while waiting for clear signs of progress on nearly completed developments.
"Only a small number of investors are currently active in the market. The postponement of delivery dates, most notably for Al Bandar and Marina Square, may be further restricting demand," Ms Downs concluded.
@Email:ngillet@thenational.ae
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
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ENGLAND TEAM
England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
THE SPECS
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed dual clutch
Power: 710bhp
Torque: 770Nm
Speed: 0-100km/h 2.9 seconds
Top Speed: 340km/h
Price: Dh1,000,885
On sale: now
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Racecard
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The five pillars of Islam
Company%20profile
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JAPANESE GRAND PRIX INFO
Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday
Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
