Abu Dhabi rolls out $953 million UAE housing program

Abu Dhabi has revealed a significant initiative, the Yas Canal project, with an investment of AED 3.5 billion ($953 million). This ambitious venture, initiated by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, aims to provide 1,146 villas exclusively for UAE nationals.

Set to grace Al Raha Beach, the project’s completion is targeted for the final quarter of 2027, under the management of the Abu Dhabi Housing Authority, and in collaboration with the Abu Dhabi Centre for Projects and Infrastructure and the ICT.

Echoing the emirate’s dedication to enhancing the living standards of Emirati families, Sheikh Khaled emphasised the project’s role in promoting social cohesion and supporting Abu Dhabi’s overarching developmental goals, as stated by the Abu Dhabi Media Office.

Spanning 1.8 square kilometres, the Yas Canal development will feature an array of facilities, including three mosques, a school, and a gym, along with a diverse mix of amenities and retail outlets, all set within a one-hectare expanse.

Prospective homeowners can expect a selection of villas, with sizes ranging from 350 to 525 square metres, situated on plots of 600 to 780 square metres, offering three to six bedrooms.

The sales and marketing of these units will be conducted through a partnership between the ADHA and ICT, which will also oversee the project’s architectural, construction, and infrastructural elements.

Following a healthy recovery from the pandemic’s economic impacts in 2021, the UAE’s real estate sector continues to exhibit strong growth, with the Yas Canal project aligning perfectly with the strategy to employ public-private partnerships to deliver optimal housing solutions to Emirati citizens through esteemed developers.

This initiative follows Sheikh Khaled’s endorsement of an AED 85.4 billion master plan last May, aimed at constructing 76,000 homes and residential plots for UAE nationals in the capital over the next half-decade.

Additionally, in June, the Abu Dhabi government sanctioned housing loans exceeding AED 3.1 billion, benefiting more than 1,800 Emirati families, with the Yas Canal project further facilitating access to housing loans through the ADHA for UAE citizens.

Original article reference: The National News.


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