Abu Dhabi launches $953m residential project for UAE citizens

A Dh3.5 billion ($953 million) plan to offer 1,146 villas for UAE citizens has been launched in Abu Dhabi. Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, approved the Yas Canal project for Al Raha Beach. It is expected to be completed in the last quarter of 2027. The project will be overseen by Abu Dhabi Housing Authority in collaboration with the Abu Dhabi Centre for Projects and Infrastructure and the ICT Real Estate Development Company. Sheikh Khaled said the residential project reflected Abu Dhabi’s commitment to offer high-quality housing to meet the needs of Emirati families, Abu Dhabi Media Office reported. He said it would ensure their well-being and foster social stability to support the emirate’s development. The project, which will cover 1.8 square kilometres, includes villas, three mosques, a school and a gym, along with amenities and shops spread over an area of one hectare. It will offer three to six-bedroom villas, ranging from 350 to 525 square metres, on plots measuring from 600 to 780 square metres. Sales of units are managed in partnership with the ADHA, while ICT will look after the project’s design, construction and infrastructure. The property market in the UAE bounced back strongly from the pandemic-driven slowdown in 2021 and it has maintained robust growth momentum. The latest project is in line with plans to use public-private partnerships and provide Emiratis with suitable housing by approved developers. In May last year, Sheikh Khaled approved a Dh85.4 billion community master plan to build 76,000 homes and residential plots for citizens in the capital over the next five years. In June, more than 1,800 Emiratis were granted housing loans worth a total of Dh3.1 billion by the Abu Dhabi government. The Yas Canal residential project offers UAE citizens housing loans from the ADHA.

Abu Dhabi launches $953m residential project for UAE citizens

Yas Canal development is expected to be completed by late 2027