Bloom Holding begins work on fifth phase of its Bloom Gardens project in Abu Dhabi

Abu Dhabi-based property developer Bloom Holding began work on the fifth phase of its Bloom Gardens project in the emirate.

It has broken ground on Aldhay, a community of two-, three-, four- and five-bedroom townhouses, containing 181 homes in total. Prices start from Dh1.85 million ($503,662).

“Breaking ground of Aldhay heralds the official start of yet another much-anticipated development," the company said in a statement. "The launch of this mixed-use project falls in line with Bloom’s wider long-term strategy to contribute to the rapidly increasing demand for premium housing across the UAE.”

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Demand for larger homes is increasing across the UAE as end users look for more outside space amid a growing trend towards remote working and learning sparked by the pandemic.

Prices for Abu Dhabi villas rose 2.2 per cent quarter-on-quarter during the first three months of 2021, according to research last month from Chestertons. This followed on from a strong second half performance last year, meaning an annual price rise of 0.5 per cent. Average rent also rose by 0.4 per cent during the quarter, but remained 2.4 per cent below last year's levels.

"With work-from-home practices, along with more flexible workplace policies, remaining in place across the private sector, we expect villas to outperform the wider residential average medium-term," Chris Hobden, head of strategic consultancy at Chestertons MENA, said.

Bloom Holding, a subsidiary of Abu Dhabi-based National Holding, said Aldhay is likely to complete in the third quarter of 2023.

The development, close to Khalifa Park, offers "a high rental yield for UAE national investors and a great place to call home for end users", the company said.

Benefits of first-time home buyers' scheme

Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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