Bloom Holding starts work on the fifth phase of its Bloom Gardens project in Abu Dhabi

Aldhay community located near Khalifa Park will be completed by the third quarter of 2023, developer says.

Property developer Bloom Holding based in Abu Dhabi started construction of the fifth phase of its Bloom Gardens project in the emirate.

The developer has broken ground on Aldhay, a community consisting of 181 two-, three-, four- and five-bedroom townhouses. Prices in the community start from USD 503,662.

'Breaking ground of Aldhay heralds the official start of yet another much-anticipated development,' the company said in a statement. 'The launch of this mixed-use project falls in line with Bloom’s wider long-term strategy to contribute to the rapidly increasing demand for premium housing across UAE.'

Demand for larger homes with more outside space is growing across UAE because of an increasing trend towards remote working and learning caused by the coronavirus pandemic.

Prices for villas in Abu Dhabi increased by 2.2 percent quarter-on-quarter during the first three months of 2021, according to a research issued last month by Chestertons. This followed on from last year's second half strong performance, meaning an annual price rise of 0.5 percent. Average rent rose by 0.4 percent during the quarter but remained 2.4 per cent below last year's levels.

'With work-from-home practices, along with more flexible workplace policies, remaining in place across the private sector, we expect villas to outperform the wider residential average medium-term,' said Chris Hobden, head of strategic consultancy at Chestertons MENA.

According to Bloom Holding, a subsidiary of Abu Dhabi-based National Holding, Aldhay is scheduled for completion in the third quarter of 2023. The development is located close to Khalifa Park.