Aldar to launch major Dubai villa and townhouse project by end of year

Aldar Development, Abu Dhabi's largest listed developer, is set to unveil a significant villa and townhouse project in Dubai by the end of this year, as part of its expansion strategy across the UAE. The undisclosed value project will be constructed near Dubai Internet City, according to Jonathan Emery, Aldar's chief executive, during an interview in London.

This will mark Aldar's fourth project in Dubai, following the launches of Haven, Athlon, and The Wilds. The development will be a partnership with Dubai Holding, further expanding their joint venture announced in 2023, which added two plots in Dubai to deliver nearly 14,000 new homes with a combined gross development value exceeding Dh38 billion.

Despite regional uncertainty arising from the Iran war, Aldar remains optimistic about the real estate market. Transaction volumes and values saw a decline in the third quarter, with home sales worth Dh72.6 billion ($19.7 billion) in the third quarter, down 47% compared to the same period last year. However, the company believes in the fundamentals and has delivered more than 3,000 units this year, with plans to reach 4,500 units in the following year.

The upcoming projects include Sustainable City on Yas Island and the Grove and Louvre Abu Dhabi residences on Saadiyat Island.