Affordable Housing – Dubai Finally Addresses
Dubai is often hailed as ‘a playground for the rich and famous’, a place where luxury and affluence reigns supreme. Moneyed aristocrats, wealthy businesspersons, glitzy movie stars, grand sports stars and their ilk come to Dubai to splash their cash and indulge in extravagance. Not surprisingly, until recently the emirate’s realty sector catered primarily to the exclusive needs and demands of the big spenders while overlooking the rising demands in the affordable housing segment. This resulted in a huge vacuum in the Dubai real estate market.
The luxury home market has remained sluggish in the last couple of years. This has triggered a change in the approach of the developers, who have now turned their attention to the affordable housing segment. A number of developers have jumped into the fray and have announced several new affordable projects.
More Developers are Now Eyeing Affordable Housing Projects
Master developers like Danube Properties, Damac, Sobha Group, and Emaar Properties have jumped into the fray. They are launching projects that are not only priced affordably (at below Dh1 million) but also are offering flexible, easy and fragmented payment plans. From the perspective of both consumers and developers, these payment plans are convenient and comfortable.
With the launch of these projects, the middle-income segment of Dubai is finally heaving a sigh of relief. For, there has been a pent-up desire among the middle-income segment to become homeowners and claim a spot within the city. The absence of affordable housing in the emirate have been pushing many of its residents to live in the city fringes. This has meant negotiating long traffic queues and enduring longer commute hours, which has further fuelled the desire for affordable housing options in Dubai.
Dubai’s Affordable Housing Segment Presents a Wonderful Scope
The extent of demand for affordable housing has been made apparent in the way Danube Properties’ project Glitz managed to garner investor attention. The investor response was further amplified when Nshama launched Town Square and stuck a starting sales price tag of AED 349,988, which is roughly equal to USD 95,282. The successful launch of these projects reveals the opportunity that exists in the affordable housing segment of Dubai.
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