Latest news with #UAEproperty
The National
3 days ago
- Business
- The National
Aldar unveils $11bn Fahid Island project in Abu Dhabi
Aldar Properties, Abu Dhabi's biggest listed developer, has unveiled the master plan for Fahid Island, with a gross development value of more than Dh40 billion ($10.9 billion) amid a continued boom in the UAE's property market. More than 6,000 luxury residences are planned for the 2.7 million square metre island, ranging from apartments and town houses to ultra-luxury villas, Aldar said in a statement on Monday. The new project, with a 11 kilometre coastline, will be built in the UAE's capital between Yas Island and Saadiyat Island. Aldar acquired Al Fahid Island, a 3.4 million square metre land bank, for Dh2.5 billion in January 2023, with the developer stating at that time that the property's gross development value was Dh26 billion. The acquisition consideration would be paid over five years, Aldar said. Fahid Island builds "on the success of Saadiyat and Yas Islands to offer a new benchmark in premium waterfront living, wellness, and sustainable design", Mohamed Al Mubarak, chairman of Aldar, said. Residential property sale prices in Abu Dhabi rose by 11 per cent annually last year amid rising demand and a supply shortage in the emirate, according to real estate company Cushman & Wakefield Core. The Abu Dhabi Real Estate Centre reported that total transaction values in the emirate grew by 34.5 per cent to Dh25.3 billion from 6,896 deals in the first quarter of 2025, compared with Dh18.8 billion from 5,773 transactions in the same period last year. The UAE's property market continues to perform strongly due to government initiatives such as residency permits for retired people and remote workers, the expansion of the 10-year golden visa programme as well as overall growth in the UAE's economy. An influx of wealthy people is also supporting the property market. Last year, 7,200 millionaires arrived in the UAE, building on the 4,700 who arrived in 2023 and 5,200 in 2022, property consultancy Knight Frank said in a report. The number of dollar millionaires in the UAE was 130,500 at the end of December, making the Emirates the world's 14th-largest wealth market. This follows an announcement by Miral that a Disney theme park will be built on Yas Island, which is expected to increase Abu Dhabi's tourism potential and property demand in the island. ' Our plans for Fahid Island support a thriving real estate market in Abu Dhabi, where we are seeing incredible demand from buyers within the local market as well as overseas investors,' Talal Al Dhiyebi, group chief executive of Aldar, said. Thirty per cent of space of Fahid Island will be dedicated to natural spaces, with a 10 kilometre landscaped space called Berm Park also planned. It will be the island's wellness and fitness corridor with running tracks and three cycling routes that connect to Abu Dhabi's cycle loop, according to Aldar. The island's waterfront promenade will have a mix of retail, dining, and art experiences, while Coral Drive, the island's boutique retail boulevard, will have outlets, concept stores, art galleries, ballet school and cafes and public artworks. The island will also have an international school. The first residential development to be introduced on Fahid Island – Fahid Beach Residences -will have a collection of seven buildings, each featuring 65 residences, Aldar said.
Gulf Business
25-05-2025
- Business
- Gulf Business
Five emirates, Dh239bn: UAE real estate rockets in early 2025
Real estate transactions across five emirates in the UAE surged to over Dh239bn in the first quarter of 2025, underpinned by investor confidence, flexible regulations, and expanding project pipelines, official data showed. Read- More than 94,719 sales, purchase, and mortgage deals were recorded from January through March in Abu Dhabi, Dubai, Sharjah, Ajman, and Ras Al Khaimah, marking a robust start to the year for the UAE's property sector, Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, said the UAE's real estate boom is fuelled by the country's broader economic and cultural progress, making it one of the world's most attractive destinations for living, working, and investing. In statements to the Emirates News Agency (WAM), he said Aldar reported Dh8.9bn in Q1 sales—a 42 per cent year-on-year increase—with portfolio occupancy rates exceeding 95 per cent by the end of the quarter. Abu Dhabi posted Dh25.3bn in total real estate transactions, up 34.5 per cent from Q1 2024. This included 3,819 sale deals worth Dh15.51bn—up 26.7 per cent—and 3,077 mortgage transactions totalling Dh9.8bn, a 49 per cent increase, according to the Abu Dhabi Real Estate Centre. Dubai accounted for the largest share, with Dh193bn in real estate transactions resulting from 58,039 transactions—a growth of 16.2 per cent in value and 31.5 per cent in volume compared to 2024. The Dubai Land Department reported Dh142bn in sales from 45,077 deals, marking a 30 per cent increase in value compared to the same period last year. Mortgages reached Dh41bn from 10,949 transactions, up 27 per cent in volume. The remainder came from grants and exchanges. Sharjah recorded Dh13.2bn in property transactions from 24,597 deals, up 31.9 per cent year-on-year, data from the Sharjah Real Estate Registration Department showed. Ajman registered Dh5.55bn in total transactions, reflecting a 29 per cent increase. Of this, Dh3.69bn came from 3,132 sales and purchase transactions, and Dh905m from 498 mortgage transactions, with the remainder comprising grants and property exchanges. In Ras Al Khaimah, residential off-plan sales exceeded Dh2.4bn from more than 1,300 transactions, according to a report by CBRE, highlighting continued demand in the northern emirate's housing market.
