Aldar Properties, Abu Dhabi’s biggest listed developer, has generated Dh850 million ($231.4 million) by selling out all homes at Waldorf Astoria Residences Yas, the first branded residential development on Yas Island, after high demand.
The company sold all 133 homes on launch day, Aldar said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
Expatriates and international investors accounted for 76 per cent of the buyers, with the remaining 24 per cent UAE citizens. Global demand was led by customers from the UK and China.
“The sell-out of Waldorf Astoria Residences Yas marks a significant milestone for Aldar and highlights the attractiveness of Yas Island both as an investment destination and prime residential address," said Jonathan Emery, chief executive at Aldar Development.
The UAE’s property market continues to perform strongly, in part due to government initiatives such as residency permits for retired people and remote workers, as well as the expansion of the 10-year golden visa programme and overall growth in the UAE’s economy amid diversification efforts.
Residential property sale prices in Abu Dhabi rose by 11 per cent annually last year amid rising demand and a supply shortage in the emirate, real estate company Cushman & Wakefield Core reported.
The Abu Dhabi Real Estate Centre reported that total transaction value in the emirate grew by 34.5 per cent to Dh25.3 billion in 6,896 deals in the first quarter of 2025, compared with Dh18.8 billion from 5,773 transactions in the same period of last year.
An influx of wealthy people is also supporting the property market. Last year, 7,200 millionaires arrived in the UAE, building on the 4,700 who arrived in 2023 and 5,200 in 2022, property consultancy Knight Frank said in a report.
The number of dollar millionaires in the UAE was 130,500 at the end of December, making the Emirates the world's 14th-largest wealth market.
Waldorf Astoria Residences Yas, with furnished homes, including one, two and three-bedroom apartments, duplexes, and luxurious four-bedroom penthouses, was unveiled this month.
It came after Miral announced a Disney theme park will be built on Yas Island in partnership with the Walt Disney Company.
Other attractions on Yas include Ferrari World, Warner Brothers, Sea World Abu Dhabi and Yas Waterworld, all adding to the tourism potential of the island.
Last year, more than 38 million visitors visited Yas Island, 10 per cent more than the previous year, and theme park visits rose by 20 per cent, Miral said.