Is this new project the solution to Dubai's climbing rent woes?
Affordable housing rent in Dubai? Yes, please…
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, approved a brand new project for affordable housing this past week.
Allocation of land for the development of upto 17,080 affordable housing units will be done in six different areas for rent in Dubai. As part of the Dubai 2040 Urban Master Plan, under the Affordable Housing policy, Sheikh Hamdan allocated 1.46 million square metres of land to develop the units.
The aim of introducing these housing units is to welcome residents of all income groups, and make Dubai a city for everyone to live in. A range of housing options will allow for more diversity in terms of what is available for the residents.
The initiative targeted towards skilled professionals in Dubai, aims to develop a range of communities available at affordable rental rates, support economic growth, create jobs, and improve access to quality housing and essential services for residents of all income classes.
While economically, they will be cheaper, they will not be lacking any features of the signature Dubai standard of living, with high-quality spaces that are thoughtfully designed, as well as access to key infrastructure and essential services. The first phase will develop six sites in Al Mueisim 1, Al Twar 1, Al Qusais Industrial 5, and Al Leyan 1
The project will be overseen by the Supreme Committee for Urban Planning, and implemented by the Dubai Land Department, Dubai Municipality, Roads and Transport Authority, General Directorate for Identity and Foreigners Affairs – Dubai, Dubai Civil Defence, and Dubai Real Estate Corporation. Why do we need this?
Rents in Dubai have seen a significant rise in recent times – in the third quarter of 2024, rents saw a hike for the 15th quarter in a row and by 18 per cent annually. Apartment rents increased by 19 per cent annually, and villa rents increased by 13 per cent, the research found.
Population in Dubai has been on an upward climb, and as demand increases and the influx of renters and even buyers only seems to rise, stability in the property market is a must to protect both tenant and landlord, as well as improve consumer confidence in the property market.
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