Abu Dhabi has announced its plan to develop a residential project in the coastal area of Al Dhafra region at a cost of Dh2.7 billion.
Local media reported that the first phase of the Jabal Al Dhanna housing development will see the completion of 1,449 apartments, 700 villas, two schools, eight mosques, and a medical clinic.
According to a statement by the Department of Municipalities and Transport, the residential project in Abu Dhabi would accommodate nearly 12,000 people.
While speaking about the mega residential project in Abu Dhabi, Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in the Al Dhafra Region highlighted the importance of the long-term planning of development and strategic projects, which will help the development of the new residential neighbourhood and meet the needs of its residents, as well as provide services to the community and preserve the stability, growth, and prosperity of the citizens and residents in the region.
According to a ValuStrat report, a leading Middle Eastern consulting group, Abu Dhabi’s property prices dropped by 11 percent in 2019. The report also revealed that rental rates dropped by 9.3 percent during the same period.
Properties in areas such as Al Reem Island, Al Muneera, Al Reef and Hydra Village saw double-digit declines in capital values since the fourth quarter of 2018.
Declan King, managing director and group head of Real Estate at ValuStrat told the media, “Slowing price declines in some districts and a continued appetite for well-priced quality new home builds from reputable developers are encouraging signs for the residential property market in the capital at this point in the property cycle.”