Abu Dhabi’s property supply has received a boost after the first phase of Hydra Avenue on Reem Island was completed, adding 906 apartments.
A statement from the developer, Hydra Properties, said that the final building completion certificates had been issued for towers C4, C5 and C6 at the City of Lights project.
It added that the beginning of the handover, including snagging and other procedures, would now start.
Once fully complete, Hydra Avenue will consist of six towers in two main clusters with 2,292 apartments and 39 townhouses. They will feature swimming pools, gyms, saunas, track and field, a boardwalk, plus a supermarket, dining outlets and other shops.
“The completion of these three towers marks a major milestone in the first phase of the Hydra Avenue project,” said Mohamed Al Habech, chief commercial officer, Hydra Properties.
“We look forward to completing the next phases of both Hydra Avenue and Hydra Village Abu Dhabi to keep up with the continuing growth and healthy demand in the property sector in Abu Dhabi.”
Rent increases in the capital are predicted to slow this year with thousands of new homes due to come to the market. This follows an average rise of 17 per cent last year, according to the property broker CBRE.
Earlier this week The National reported that both tenants and real estate workers were calling for the return of the 5 per cent rent cap almost 18 months after it was removed as landlords were issuing hefty increases.
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