In a monumental move that reflects the resurgence of the UAE’s real estate sector, Q Properties, a subsidiary of the Abu Dhabi-based Q Holding, has announced a significant development in the heart of Dubai. The company has awarded a contract worth Dh1.75 billion ($476 million) to Trojan General Contracting for the construction of phase one of the Reem Hills villa project on Al Reem Island. This endeavor marks a pivotal moment in the region’s property market, driven by government initiatives and a broader economic recovery following the challenges posed by the COVID-19 pandemic.
Reem Hills Villa Project: A Luxury Oasis
The Reem Hills villa project is set to redefine luxury living in Dubai. Comprising 218 opulent villas, ranging from four to seven bedrooms, this development promises a lifestyle of grandeur and sophistication. Located on Al Reem Island, it is strategically positioned to offer breathtaking views and proximity to key amenities.
Trojan General Contracting, a reputable name in the construction industry, has been entrusted with the responsibility of bringing this vision to life. With a track record of delivering high-quality projects, Trojan is poised to ensure that every aspect of Reem Hills exudes excellence. Their role extends beyond the villas, encompassing the development of a sprawling 3 million square feet area surrounding the project, making it an integrated community.
Q Properties: A Visionary in Real Estate
Q Properties, a unit of Q Holding, has been at the forefront of Dubai’s real estate scene. The Reem Hills villa project is a testament to their commitment to delivering exclusive and exceptional developments. It forms an integral part of their diverse portfolio, which includes several residential, commercial, and retail projects currently in progress. With a vast land bank exceeding 30 million square meters, Q Properties is poised to continue shaping the future of Dubai’s real estate market.
The Road to Reem Hills Completion
The first phase of the Reem Hills project is scheduled for completion in December 2024. This ambitious timeline showcases the dedication and efficiency of all parties involved, ensuring that homeowners can soon revel in the luxury and comfort of their new abodes.
The Rebirth of the UAE Real Estate Market
The resurgence of the UAE’s real estate market is evident in the numbers. In the first half of 2023, Abu Dhabi recorded a staggering 10,557 real estate transactions worth Dh46.33 billion. These numbers represent a remarkable turnaround, with the value of deals more than doubling during the six months. Moreover, the volume of transactions, including property sales and mortgages, witnessed a 41% increase.
Within this period, Abu Dhabi saw 6,730 real estate sale and purchase transactions with a combined value of Dh25.09 billion. Mortgage transactions also saw a surge, with 3,827 transactions totaling Dh21.24 billion. These figures underscore the renewed confidence in the market and the growing interest from investors and homebuyers alike.
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