Gulf Construction Online - Good interest in Masaood’s Al Reem project

Real Estate

Good interest in Masaood’s Al Reem project

01 July 2019

UAE-based Masaood Developments has announced that it has received an overwhelming response from both Emiratis and expats for its freehold Abu Dhabi waterfront residential project, Azure Al Reem, within just four weeks of its launch.

It is the first project to be available to expats under the government’s new legislation, states the developer, which is part of the Al Masaood group of companies.

Masaood Developments says it has analysed market and customer demand in co-ordination with real estate advisor Savills and created an affordable and low-entry-cost way for customers to buy premium property in Abu Dhabi.

Recent government changes to freehold ownership have also had a positive impact on interest in the project. Situated in a prime location on Al Reem Island, with views towards the Louvre Abu Dhabi.

According to Savills, nearly 2,000 people have registered their interest in purchasing a property in the new waterfront apartment complex.

The surge in interest is mainly because of a combination of the new legislation changes and Azure Al Reem’s ‘easy to own’ payment plans.

Under the scheme, the customers have to pay a deposit of Dh50,000 ($13,610) for one-bed apartment or Dh70,000 ($19,054) for a two-bedroom unit to move in straight away and pay the rest over 15 years without the need of a bank mortgage, states the real estate advisor.

Ziad Abou Nasr, the director for Masaood Developments, says: “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.”

Classifieds website dubizzle shared its feedback on the Azure Al Reem project, declaring it to be the most successful lead generation residential launch campaign in Abu Dhabi that it has seen.