Manazel Real Estate’s Al Reef development is on track to be among the first property projects later this year to deliver homes in Abu Dhabi that can be bought by foreigners.

Aldar Properties is also due to complete the first phase of the Al Raha Beach development by the autumn. Manazel, a medium-sized private developer, will also hand over the keys to Dunes Village, a 942-apartment project in Dubai, next week.

However, the decline of the property market has prompted the company to reschedule its most ambitious project, Building Materials City, extending the construction phase over five years instead of three.

The National