Aldar Properties will begin selling homes in the first phase of The Sustainable City – Yas Island project this month, as Abu Dhabi’s biggest developer continues to capitalise on higher demand for property amid the UAE's economic recovery.
In this phase of the project, 272 condominiums and 240 townhouses will be released for sale to all nationalities on January 19, Aldar said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded.
The average price of a one-bedroom condominium is Dh892,000 ($242,886), while a three-bedroom townhouse costs Dh3.24 million.
Construction will begin in the second quarter of this year, with the first handovers expected in the fourth quarter of 2025.
The project is being carried out in partnership with Dubai-based Diamond Developers and was first announced during Abu Dhabi Sustainability Week last year.
It was launched in “response to the strong demand we see for a more sustainable way of living, with the emergence of a more environmentally conscious customer group who seek a natural lifestyle experience that focuses on low carbon emissions, energy conservation and the fundamental principles of a circular economy”, said Jonathan Emery, chief executive of Aldar Development.
The UAE property market has continued to recover from the coronavirus pandemic on the back of government initiatives, higher oil prices and other measures to support the economy.
Property transactions in both Dubai and Abu Dhabi surged last year amid higher demand from buyers.
Dubai recorded a total of 25,456 sales transactions worth Dh69.72 billion in the third quarter, marking an increase of about 62 per cent in terms of volume and more than 65 per cent in terms of value, compared with the same period in 2021, Property Finder said in a report.
Abu Dhabi's property market, meanwhile, recorded 4,441 transactions amounting to $5.7 billion in the three months to September, according to a report by the Department of Municipalities and Transport.
“The Sustainable City – Yas Island marks a key milestone in our journey to supporting the UAE’s net zero targets,” Salah Habib, chief executive at Diamond Developers, said.
“The community will give residents of Abu Dhabi the chance to live in a sustainable community, with access to clean energy, locally grown food, recycled water and waste with carbon-free mobility.”
The new development will be powered by renewable energy, including solar panels embedded in all parking structures to help residents save up to 50 per cent on energy bills.
High-efficiency water systems and recycling units will also be part of the new project to reduce carbon emissions, water consumption, energy usage and waste, the developers said.
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The Porpoise
By Mark Haddon
(Penguin Random House)
RACE CARD
6.30pm Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
7.05pm Handicap (TB) Dh102,500 (D) 1,200m
7.40pm Handicap (TB) Dh105,000 (Turf) 1,800m
8.15pm UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
9.50pm Handicap (TB) Dh105,000 (D) 1,600m
9.25pm Handicap (TB) Dh95,000 (T) 1,000m
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
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Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
