Abu Dhabi on Wednesday announced a Dh106 billion ($28.8 billion) master plan to develop 13 new residential communities featuring more than 40,000 homes and land plots for Emiratis.
The large-scale housing plan – unveiled in the presence of President Sheikh Mohamed at Qasr Al Bahr – supports a wider drive to enhance the living standards of UAE citizens.
The Abu Dhabi Housing Authority and the Abu Dhabi Projects and Infrastructure Centre have signed agreements with several property development companies to put the plan into action.
The scheme will include the construction of 25,244 housing units for Emiratis over the next five years, at a total cost of Dh94 billion.
A further 14,876 residential plots will be developed at a cost of Dh12 billion, state news agency Wam reported.
Sheikh Mohamed was briefed on the new projects, which are designed to create fully integrated residential communities and neighbourhoods for Emiratis, offering a full range of essential services, community amenities and recreational spaces.
The neighbourhoods will feature commercial centres, mosques, schools, public parks, green areas and sports centres, which will be built with sustainability goals in mind.
Sheikh Mohamed said the initiatives underlined the housing sector's status as a national priority.
The unveiling ceremony was attended by several sheikhs, ministers and senior officials, including Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region, and Sheikh Hazza bin Zayed, Ruler’s Representative in Al Ain Region.
Housing strategy
The project includes the development of six fully integrated residential communities in Abu Dhabi city, providing 14,444 housing units at a cost of Dh55.38 billion.
These will be delivered by Aldar Properties, Bloom Holding and Modon Properties.
In addition, five agreements were announced for the development of five residential communities in Al Ain, offering 10,480 housing units at a cost of Dh36.95 billion.
These will be carried out in partnership with Aldar Properties, Bloom Holding, Wahat Al Zaweya Real Estate and Imkan Properties.
In Al Dhafra Region, Aldar Properties will undertake two housing projects in Al Sila and Madinat Zayed, providing 320 homes at a cost of Dh1.59 billion.
Meeting needs of growing population
The house building plan underlines Abu Dhabi's commitment to provide quality accommodation for its citizens amid a population boom.
Abu Dhabi's population has crossed four million for the first time after a 7.5 per cent surge last year, figures released in June showed.
The emirate's population was 4,135,985 at the end of last year, spurred by a 9.1 per cent increase in its workforce.
Abu Dhabi's population growth comes as the emirate cements its status as a leading destination for businesses and investors, while new residential and leisure developments take shape.
Abu Dhabi's population has increased by 51 per cent in the past decade, rising from 2.7 million in 2014 to more than 4.1 million, data from the Statistics Centre in Abu Dhabi shows.
Meanwhile, Abu Dhabi property deals in the first half of this year surged by 42 per cent on an annual basis, according to figures shared this week.
The total value of transactions over the six months to the end of June reached Dh54 billion, driven by residential unit sales, which rose by 38 per cent to Dh25 billion, according to the latest report from the Abu Dhabi Real Estate Centre.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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