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.