Q Properties, a subsidiary of Q Holding—an Abu Dhabi-based investment firm—has granted a contract valued at AED 1.75B ($476M) to Trojan General Contracting. The agreement is for the construction of the initial phase of the Reem Hills villa scheme on Al Reem Island. This move comes as the UAE’s real estate market experiences a resurgence.
Furthermore, Q Holding will develop an area of 3 million square feet around the project, as stated by the company in a statement to the Abu Dhabi Securities Exchange, where its shares are listed, according to The National News.
Last year, Q Properties entrusted the management of the AED 8B Reem Hills project to Royal Development Company, headquartered in Abu Dhabi. They anticipate completing the first phase of the project by December 2024.
Q Properties has stated that Reem Hills holds a significant position within its “exclusive development portfolio,” which encompasses various ongoing residential, commercial, and retail projects. The company possesses a land reserve exceeding 30 million square metres.
The real estate market in the UAE has bounced back from the impact of the coronavirus pandemic, largely due to government initiatives and a broader economic recovery supported by higher oil prices.
During the first half of 2023, the Abu Dhabi media office reported that Abu Dhabi achieved 10,557 real estate transactions amounting to AED 46.33B.
This data, sourced from the Department of Municipalities and Transport, indicates that the value of transactions more than doubled over the six-month period, with transaction volume (encompassing property sales and mortgages) increasing by 41 per cent.
Within this timeframe, the emirate registered 6,730 transactions for property sales and purchases, with a combined value of AED 25.09B. Furthermore, there were 3,827 mortgage transactions with a total value of AED 21.24 billion.
