Affordable housing the latest trend in Dubai
While much of Dubai property’s ongoing upturn has been built on premium and super-luxury properties, demand for “affordable developments” is now increasing. Recently, a top official at Deyaar Properties confirmed that the lookout was on a for a location in Dubai to fit in such a project, Gulf News reported.
“An affordable property can be built in Dubai even in a market where plot values are going up… and it doesn’t mean the final product has to be of a lower quality to what is available in the market; nor does it mean low-cost,” said Deyaar CEO Saeed Al Qatami. “There’s no denying there is an immediate need for affordable housing,” he added.
“Rentals at International City and the high-rises that got delivered in Sharjah in the last two years have already seen the impact of tenants trying to find a place that will be within their budgets,” said John Stevens, managing director at property services firm Asteco.
“Areas in Ajman farthest away from Dubai are now seeing non-occupancy levels well below 15 per cent against 50 per cent during the downturn.
“But there is also a realisation among some landlords at least that hiking rentals when salaries have not been rising in proportion is counter-productive.”
While much of Dubai property’s ongoing upturn has been built on premium and super-luxury properties, demand for “affordable developments” is now increasing. Recently, a top official at Deyaar Properties confirmed that the lookout was on a for a location in Dubai to fit in such a project, Gulf News reported. “An affordable property can be built in Dubai even in a market where plot values are going up... and it doesn’t mean the final product has to be of a lower quality to what is available in the market; nor does it mean low-cost,” said Deyaar CEO Saeed Al Qatami....
While much of Dubai property’s ongoing upturn has been built on premium and super-luxury properties, demand for “affordable developments” is now increasing. Recently, a top official at Deyaar Properties confirmed that the lookout was on a for a location in Dubai to fit in such a project, Gulf News reported.
“An affordable property can be built in Dubai even in a market where plot values are going up… and it doesn’t mean the final product has to be of a lower quality to what is available in the market; nor does it mean low-cost,” said Deyaar CEO Saeed Al Qatami. “There’s no denying there is an immediate need for affordable housing,” he added.
“Rentals at International City and the high-rises that got delivered in Sharjah in the last two years have already seen the impact of tenants trying to find a place that will be within their budgets,” said John Stevens, managing director at property services firm Asteco.
“Areas in Ajman farthest away from Dubai are now seeing non-occupancy levels well below 15 per cent against 50 per cent during the downturn.
“But there is also a realisation among some landlords at least that hiking rentals when salaries have not been rising in proportion is counter-productive.”
