Masaood Developments LLC, the privately owned Abu Dhabi based property developer backed by the affiliate of Al Masaood group of companies’, today reported that its residential project Azure Al Reem has made rapid strides since launching just four weeks ago. To date, nearly two thousand people registered their interest in purchasing a property in the new waterfront apartment complex. Working with real estate advisor Savills, Masaood Developments LLC analysed market and customer demand, and created a unique, affordable and low entry cost way to buy premium property in Abu Dhabi, which is proving popular with Emiratis and expatriates alike.
Recent government changes to freehold ownership have also had a positive impact on interest in the project. Ideally situated in a prime location on Al Reem Island, with views towards the iconic Louvre Abu Dhabi, it is the first project to be available to foreign expats under the government’s new legislation.
Real estate advisors Savills attribute the burst of interest to a combination of the new legislation changes and Azure Al Reem’s ‘easy to own’ payment plans. The affordable options only require deposits of AED 50,000 for a one-bed or AED 70,000 for a two-bed and then you can move in straight away and pay the rest over 15 years without the need of a bank mortgage.
Ziad Abou Nasr, Director for Masaood Developments LLC said: “It appears that the government’s new policy changes towards foreign freehold ownership have already caused an upswing in interest from potential foreign investors and end users, which can only be a positive thing for the Abu Dhabi residential market. Coupled with Azure’s far more accessible payment scheme over other residential projects on the market, it meets the needs and demands of the Abu Dhabi market, giving much more people the opportunity to become home owners for the first time.”
Indeed, recent reports show that the UAE is the second largest market for middle-income housing in the GCC, with 98,000 units needed by 2022. With such high demand for suitable housing, dubizzle shared their feedback on the Azure Al Reem project, declaring it to be the most successful lead generation residential launch campaign in Abu Dhabi, they have seen.
Matthew Gregory Head of Property Sales for dubizzle said: “Since launching last month, Azure Al Reem has exceeded all expectations in the level of interest we have seen across dubizzle and is the best performing lead generation campaign we have run across our platforms to date. Its unique offering of an affordable and flexible payment plan for a completed, high quality waterside apartment, is obviously meeting a strong demand in the UAE property market. People interested in purchasing an apartment in the property probably shouldn’t wait much longer to register their interest.”
The show apartments are now open to view. Interested parties are advised to book in advance, due to overwhelming demand.
For further sales information about Azure Al Reem, please visit: