Abu Dhabi's Fahid Island: When can property investors move into their homes?

Dubai: Investors eyeing a chance to buy property in Abu Dhabi – and with funds of Dh3.5 million plus – have a chance to do so in the emirate’s newest residential destination – Fahid Island.

Because Dh3.5 million is the starting price for a one-bedroom unit at the Aldar-backed Dh40 billion plus development. Sure, that puts it into the premium pricing range, but the location is such and there is always the closeness to the water’s edge. What the Abu Dhabi master-developer Aldar is out to create is a full-scale water-side ‘wellness destination’.

The first releases will come in the form of ‘Fahid Beach Residences’, with seven buildings and about 450 apartments. “Right now, we have started to tease the market with the launch info, and will start formal sales after Eid,” said Jonathan Emery, CEO of Aldar development. “We will be bringing forward different phases at a steady rate throughout the rest of the year.”

Which will suit investors just fine. Abu Dhabi and Aldar have made a fine art of creating island destinations such as Yas and Saadiyat, both of which account for a significant share of residential sales taking place in the emirate.

Abu Dhabi’s real estate market is on a high, especially as it comes off the announcement of the new Disneyland theme park.

More than 6,000 residences will be built on Fahid Island – “The first phase of development will be just over 3 years,” said Emery. “2029 will be the first opportunity for buyers to get their keys for the first phases. And then in a further three, four years, we will finish the island.”

Potential investors have already been sounded out about Fahid Island and what it brings. Estate agents say there is a ‘keen buzz’ surrounding the first launches. “The pricing seems similar to where Yas Island one-bedroom units are at the moment,” said a broker. “Investor following for Aldar’s islands are massive – Fahid Island will bring more to the table.”

Fahid Island’s hotels – and school

Apart from the homes, the new Abu Dhabi island will have all the trappings of a complete mixed-use offering. “Initially, we are thinking of two hospitality products, with the first being a 5-star beach resort,” said emery. “We will continue to work with global hotel brands rather than manage our own properties.

“As for the school, we will announce the details after Eid. What I can says is that this will be a academically high-performing international school to be one of the anchors on the island.”