Aldar Properties, Abu Dhabi’s biggest listed developer, is boosting its expansion strategy in Dubai with the unveiling of another residential development that aims to promote active lifestyles.
The Athlon project, the company's second development in the emirate in partnership with Dubai Holding, will feature 1,492 units comprising three to six-bedroom villas and townhouses starting at Dh2.8 million ($762,300), Aldar said on Wednesday.
The two companies teamed up in February 2023, marking Aldar's entry into the Dubai market amid a push to develop new property projects across prime locations.
Their first project was Haven by Aldar, another community focused on wellness launched in October.
Unit sales at the Athlon project will begin on May 7. The development will be located near the Global Village entertainment centre and will be about half an hour from Dubai International and Al Maktoum International airports.
“The unveiling of Athlon marks a definitive moment in our ambitious Dubai expansion strategy, building upon the tremendous success of Haven by Aldar,” Aldar Development chief executive Jonathan Emery said.
“As we witness an unwavering demand for unparalleled residential developments in Dubai, from both local and international investors, we are confident that Athlon's groundbreaking concept will captivate a diverse range of investors and homeowners.”
The UAE’s property market continues to record strong growth on the back of government initiatives and the expansion of its economy.
In Dubai, where the real estate sector is a key component of the economy, the residential and commercial sectors posted “significant” growth in the first quarter of 2024, according to consultancy ValuStrat.
The growth was underpinned by a 20.1 per cent annual increase in apartment values, driven by the mid-range affordable segment.
Villas remained resilient with an annual increase of 29.6 per cent, it said.
For 2024, the emirate's real estate cycle is expected to head towards a “new phase”, with a projected resurgence in the apartment market and tempered growth for villas, ValuStrat said in its outlook for this year.
With the steady growth, “Dubai continues to attract investors and businesses, positioning itself as a premier destination for real estate investment in the region”, Haider Tuaima, director and head of real estate research at ValuStrat, wrote in the first-quarter report.
Athlon will have green spaces, parks and zones for sports and fitness. It will feature more than 10km of tracks and trails, with its cycling loop directly connected to Al Qudra cycling track.
The project will be developed using locally sourced and low-carbon materials, in line with Aldar’s sustainability and net-zero programme, it said.
“This approach will be supported by … the adoption of responsible and green construction practices,” Aldar said.
Aldar, which marked its 20th anniversary this year, reported a more than 81 per cent annual jump in its first-quarter net profit on higher sales, as the UAE's property market remained robust amid the nation's continued economic momentum.
In March, the company sold Abu Dhabi's most expensive apartment – at Nobu Residences Abu Dhabi on Saadiyat Island – for Dh137 million amid higher demand for luxury property in the UAE capital.
Aldar, the developer behind Ferrari World and Yas Mall, has also made several acquisitions in recent quarters as it looks to grow its portfolio of investments organically and inorganically.
In 2023, the company bought UK developer London Square for Dh1.07 billion, marking its first acquisition outside the Mena region amid a push to expand its global footprint.
Aldar also aims to increase its sales this year to up to Dh31 billion and is exploring the issuance of benchmark green sukuk this year to support its growth and sustainability ambitions, its chief financial and sustainability officer Faisal Falaknaz told The National in an interview in March.
For a detailed perspective on the property market, visit: Dubai - Real Estate Review Q1 2024
