Aldar Properties plans to launch a major new development of villas and townhouses in Dubai by the end of this year as part of its expansion across the UAE.

Jonathan Emery, chief executive of Aldar Development, told The National in London that the project would be built near Dubai Silicon Oasis. The investment value has yet to be disclosed.

It will be Aldar’s fourth residential development in Dubai. The company, the largest Abu Dhabi-listed property developer, has previously launched Haven, Athlon and The Wilds in the emirate.

Emery said the new project would also be developed in partnership with Dubai Holding. It will comprise a large community of villas and townhouses within the development corridor of the Dubai Metro Blue Line.

Nearly 14,000 homes planned in developments worth more than Dh38 billion

In February, Aldar and Dubai Holding expanded their partnership, which began in 2023, by adding two new land plots in Dubai.

Under the agreement, nearly 14,000 new homes will be built, with a gross development value exceeding Dh38 billion.

The first plot covers four million square metres along Dubai’s eastern growth corridor, opposite Nad Al Sheba.

The second site is located on Palm Jebel Ali and is earmarked for an ultra-luxury waterfront development featuring branded and non-branded residences.

Dubai residential transactions decline in third quarter

Aldar’s new expansion plans come as growing regional uncertainty caused by the war involving Iran has prompted some property buyers to take a more cautious approach.

The value and volume of Dubai residential transactions declined in the third quarter, according to the latest report from property consultancy Cavendish Maxwell.

The total value of residential sales in Dubai reached Dh72.6 billion, equivalent to $19.7 billion, in the three months to the end of September, down 47 per cent from the same period last year.

The number of residential transactions also fell by 38 per cent to about 34,000.

Despite the decline, Aldar Development’s chief executive said demand for the right projects remained strong.

Emery said the international property market had slowed to some extent, as uncertainty was prompting buyers to spend more time assessing their options before making decisions.

He said Aldar remained confident in the property market’s fundamentals, adding that the projects launched to date had performed strongly.

More than 3,000 homes to be delivered by year-end

Aldar, which reported strong financial results in the second quarter, plans to hand over more than 3,000 homes to buyers by the end of this year.

According to Jonathan Emery, this will be the company’s highest annual delivery volume since it was established.

Aldar’s annual deliveries are expected to rise to 4,500 homes next year.

Projects due to be completed and handed over this year include The Sustainable City on Yas Island, as well as Grove and Louvre Abu Dhabi Residences on Saadiyat Island.

The company also plans to hand over its first homes in Dubai next year at Haven, located near Dubailand.

Aldar partners with Arada on Dh15 billion developments

In September, Aldar and Sharjah-based property developer Arada announced a partnership to develop residential projects on Yas Island and in the Seih Al Sdeirah area of Abu Dhabi.

The projects have a combined value of about Dh15 billion.

The partnership includes forming a joint venture to prepare and implement the master plan for a major mixed-use development in Seih Al Sdeirah, on the Abu Dhabi-Dubai border, as well as Arada’s acquisition of three residential plots on Yas Island.

Jonathan Emery said Aldar would continue to pursue new partnerships with reputable property developers.

He said partnerships with established companies offered an opportunity to diversify the products and options available to customers.

He added that selecting the right partners, with attractive products and loyal customer bases, could also help introduce new residential opportunities to Aldar’s customers.

Through these projects in Dubai and Abu Dhabi, Aldar aims to expand its presence in the UAE property market while strengthening commercial partnerships and offering buyers a broader range of villas, townhouses and luxury homes.