Plots on UAE's newest island are on sale for AED7 million onwards, according to Emirates 24/7.
The off-market sale of plots on Nareel Island, off Abu Dhabi’s Al Bateen coast, has generated AED500 million in committed sales from just 27 plots for Aldar Properties, the largest developer in Abu Dhabi. It is now selling 32 more plots of the total 148 on the island, with a starting price of AED7 million.
“During the off-market sale of the first phase, Nareel Island saw strong demand from Emiratis across the UAE, and we have committed sales reservations for 27 plots, with a value of almost Dh500 million,” the company said in an emailed statement sent to Emirates 24|7.
The developer has not released information related to number of plots sold since its May 10 launch.
The new plots range from 1,000 to 5,000 square metres, with prices depending on their location, view and size. A simple calculation shows the biggest (5000 square metres) plot could sell for an estimated Dh35 million.
As the island is not in an investment zone and the plots are therefore only open to UAE nationals, the company said. This means nationals will not be able to resell these plots to foreign expatriates.