In response to a recovery in the UAE real estate market, Q Properties, a division of Abu Dhabi investment firm Q Holding, has granted Trojan General Contracting a contract for Dh1.75 billion ($476 million) to construct phase one of the Reem Hills villa project on Al Reem Island. According to a statement made by Q Holding to the Abu Dhabi Securities Exchange, where its shares are listed, Trojan will be in charge of building 218 premium villas with already-sold contracts ranging from four to seven bedrooms and developing 3 million square feet around the project.
The Dh8 billion Reem Hills project will be managed by the Royal Development Company of Abu Dhabi, which Q Properties hired last year. The project's initial phase is scheduled to be finished in December 2024. The "exclusive development portfolio" of Q Properties, which now includes a number of ongoing residential, commercial, and retail developments, includes Reem Hills as a key component. A land bank of more than 30 million square meters belongs to the corporation.
On the strength of government measures and a larger economic recovery amid increased oil prices, the UAE's real estate market has recovered from the coronavirus outbreak. According to data from the Department of Municipalities and Transport, the Abu Dhabi media office said that in the first half of 2023, Abu Dhabi saw 10,557 real estate sales totaling Dh46.33 billion.
The emirate registered 6,730 real estate sale and purchase transactions valued at Dh25.09 billion over time, more than doubling the value of the agreements while increasing the volume of transactions, which includes mortgages and property sales, by 41%. Additionally, 3,827 mortgage transactions totaling Dh21.24 billion were made.