Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has approved the launch of the Yas Canal residential project at Al Raha Beach.
The AED3.5 billion ($953 million) project will include 1,146 residential villas for UAE nationals and is being overseen by the Abu Dhabi Housing Authority in cooperation with the Abu Dhabi Centre for Projects and Infrastructure and the ICT Real Estate Development Company.
The project is set to be completed in the last quarter of 2027.
The Yas Canal residential project covers 1.8 square kilometres and includes villas, three mosques, a school and a gym, along with various amenities and shops over an area of 10,000 square metres. The project offers three to six bedroom villas, ranging from 350 to 525 square metres, on plots ranging from 600 to 780 square metres.
Sheikh Khaled highlighted that the residential project reflects the leadership’s commitment to offering high-quality housing tailored to meet the needs of Emirati families in Abu Dhabi, ensuring their overall wellbeing and quality of life and fostering social stability to support the emirate’s ongoing development.
The Yas Canal residential project is part of a public-private partnership, with ICT Real Estate Development Company leading the project’s design, construction and infrastructure, under the supervision of the Abu Dhabi Centre for Projects and Infrastructure. Sales of residential units allocated to UAE Nationals are managed in partnership with the Abu Dhabi Housing Authority.
The Yas Canal residential project offers UAE citizens with housing loans from the Abu Dhabi Housing Authority the opportunity to buy villas within the development. The project offers a diverse range of architectural designs.
Strong growth in property sector
The Abu Dhabi real estate market clocked a record-breaking AED87.1 billion ($23.7 billion) in real estate transactions in 2023.
The value of buying and selling activities surged by 159.5 percent compared to 2022, reaching AED61 billion, the Abu Dhabi Real Estate Centre (ADREC), an affiliate of the Department of Municipalities and Transport (DMT), revealed.
ADREC reported this increase based on 15,653 transactions, representing a 73.7 percent rise from 2022. The overall buying, selling and mortgage activities across the sector increased by 12.2 per cent compared to 2022. The results are based on a total of 22,751 transactions, which rose by 19.5 per cent from the previous year.
ADREC also noted an increase in resident and non-resident individual investors during 2023. The emirate saw 9,448 newly registered investors and 1,098 non-resident investors, marking significant increases of 71 percent and 175 percent, respectively, compared to 2022.
For more news on real estate, click here.
