Abu Dhabi has approved home projects worth AED82.7 billion ($22.5 billion) as part of its efforts to boost the real estate sector and family stability.
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has approved 14 new integrated housing projects across the emirate, as directed by Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi.
The projects will provide 35,000 additional housing benefits over the next five years, including 26,000 residential units for Abu Dhabi residents, with a total budget of AED82.7 billion ($22.5 billion), as well as the development of about 9,000 residential land parcels.
Abu Dhabi real estate
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan approved a number of extra benefits to the housing loans ecosystem, in keeping with the leadership’s objective to improving family stability and ensuring social welfare.
According to the 2023 housing benefits policy, a community support subsidy of AED250,000 ($68,000) will be withdrawn automatically and retroactively from the total loan amount for all home loans totaling AED1.75 million ($476,500).
Sheikh Khaled bin Mohamed bin Zayed also approved extending loan repayment lengths to up to 30 years, which will help to cut monthly instalment amounts.
Additional flexibility will be added to setting monthly repayment values, which will now be adjusted based on the beneficiary’s monthly income, taking into account any changes in financial circumstances after the loan is provided.
In addition, a deferred-payment home purchase loan will be made accessible to low-income people aged 25 to 45, allowing them to pick from a broader range of housing options.
Citizens over the age of 45 will be eligible for ready-built housing grants through capital projects.
Citizens will also be excluded from expenses associated with mutually agreed-upon land plot swaps, easing the exchange process and promoting greater community and family relationships.
Mohamed Ali Al Shorafa, Chairman of the Board of Directors of Abu Dhabi Housing Authority, said: “We extend our sincerest gratitude to His Highness Sheikh Mohamed bin Zayed Al Nahyan and to His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, for their generous directives and continued commitment to the wellbeing of Emirati citizens, and for strengthening family stability and social cohesion through the provision of high-quality housing.”
Hamad Hareb Al Muhairi, Director-General of Abu Dhabi Housing Authority, said: “We extend our gratitude to His Highness Sheikh Mohamed bin Zayed Al Nahyan and to His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, for these directives that will have a lasting positive impact on the lives of Emirati families, aligning with the goals of the ‘Year of Community’ initiative, which promotes social cohesion and underscores the importance of quality housing in building a strong and tight-knit society.”
He added: “The AED250,000 community support deduction will be applied automatically to all eligible housing loan beneficiaries. In addition, the new monthly deduction policy will be implemented on all housing loans issued after 2015, with a cap of 10 per cent of total income and a maximum monthly payment of AED10,000.
“This new policy, designed in line with the leadership’s direction to ease financial burdens on citizens, will come into effect in September 2025.”