A new housing project between Abu Dhabi and Dubai will be a “full-scale small city”, with the value of development estimated at Dh55 billion ($15 billion), according to its chief executive.
The Mira Developments project will consist of 14,000 apartments, 1,700 villas, 1,000 townhouses, a large shopping mall, as well as three hotels, including two five-star hotels, Timur Mamaikhanov told The National on Wednesday.
It will also have offices, a 200-bed hospital, a golf course, indoor and outdoor sports centres, two museums, three schools and two universities.
The new project comes as demand for property in Dubai and Abu Dhabi continues to remain strong amid a surge in population and strong economic growth.
“This is the best location in whole of UAE,” Mr Mamaikhanov said. “It's on the main road, between two of the biggest international airports – Al Maktoum International and Abu Dhabi's [Zayed International] airport, with a full-scale small-city master plan.”
The project will be funded with the company’s own equity and in partnership with Swiss funds, Mr Mamaikhanov said, without giving further details.
On Monday, the company announced the signing of a Dh2.47 billion agreement to buy land at Al Mamoura from AD Ports Group to build the project, which is expected to be complete by the end of 2035, with the construction slated to start in the next 12 months.
Mira Developments, which was launched in 2023 by Mr Mamaikhanov along with Tamara Getigezheva, is also building other projects in the UAE including three projects in Dubai and two in Ras Al Khaimah. It also has projects in Salalah, Oman and Tbilisi in Georgia.
“There is a strong and sustained demand for property in Abu Dhabi, driven by population growth, infrastructure investment, and the emirate’s push towards economic diversification,” Mr Mamaikhanov said.
“Buyer sentiment has shifted from short-term speculation to long-term residency and investments and there is a strong increase in demand for branded residences and lifestyle-driven developments.”
In the first half of this year, the total value of deals in Abu Dhabi surged by 42 per cent to Dh54 billion, driven by residential unit sales that rose by 38 per cent to Dh25 billion, according to the latest report from Abu Dhabi Real Estate Centre. The volume of property transactions jumped 25 per cent to 15,578.
Sale prices have also risen amid higher demand. Apartment prices increased by 14 per cent year-on-year in the second quarter of this year, while villa and townhouse prices rose by 11 per cent.
Demand has been outpacing supply in Abu Dhabi since 2022, with the residential inventory standing at 400,000 units at the end of the first half of this year.
Residential supply within Abu Dhabi is expected to increase by 4.6 per cent annually by 2028, adding about 64,000 new units, Adrec added.
“The new project will have a very positive impact on Abu Dhabi's property market as supply is definitely needed,” Ali Ishaq, head of residential agency in Abu Dhabi, Savills Middle East, told The National.
“This area is a new concept area, but every new area is a new concept area, and then it becomes a regular place. Once upon a time, Yas Island was new, Saadiyat was new, the Palm (Jumeirah) was new and now look how well those places have done,” he said.
