Aldar Properties has had a strong start to 2019, reporting a 20% year-on-year increase in revenue in the first quarter the year.

The company's revenue has reached AED 1.76 billion, in comparison with AED 1.47 billion, in Q1 2018. 

According to Aldar, development sales totalled AED 1.0 billion in the first quarter of 2019, up 49% from year earlier. 

Chief Executive Officer, Talal Al Dhiyebi said recent Government reforms, including the introduction of freehold title for foreign buyers within investment zones in Abu Dhabi, were enhancing the long-term attractiveness of the real estate sector.

"The year is off to a great start," he said.

"Our strong sales reinforce Abu Dhabi's favourable supply and demand dynamics as seen with Alreeman and Lea.

"Our high-quality asset management portfolio is well balanced and showing the benefits of its strategic diversification.

"Our strategy is optimised to take advantage of the opportunities stemming from pro-growth government initiatives."

Aldar's development management was highlighted by last month's launch of waterfront development, Lea, located on the northern shores of Yas Island.

The project was fully sold at public launch in Cityscape, achieving sales of over AED 400 million.

Source: Aldar Porperties.

Similar to this:

Aldar Properties prepare for Lea sales launch

Aldar Properties posts AED$1.9billion profit

Aldar Properties announces offers at two iconic developments