Dubai’s government is set to increase its focus on the affordable housing market next year as residential prices continued to slip towards the end of 2017, a new report finds.
Construction Week Online reported that the government has recently announced new residential legislation in Dubai that is also likely to impact the emirate’s property market through the planned provision of affordable homes in some of the city’s core locations.
Faisal Durrani, head of research at Cluttons said: “Overall market conditions in the emirate have been relatively healthy. Going forward, we see regional developments and local legislation playing a big part in Dubai’s property market.
“We believe that Dubai Government’s initiative to focus on affordable housing is extremely positive and is a watershed moment for the emirate.”
“The change will help Dubai avoid some of the lessons learned by more developed cities around the world, especially with regards to curtailing the emergence of poorly connected, low income neighbourhoods that are segregated from the rest of the city, as is the case in many other global metropoles,” Durrani added.
Earlier this year, it was announced that the Dubai Crown Prince has launched plans to redevelop housing in the city as well as revamping old neighbourhoods.
Commenting on these developments, Sheikh Hamdan said the programmes would help “achieve the highest levels of UAE citizens’ satisfaction in [terms of] housing services and [the] development of interrelated and diverse communities at the social and environmental levels”.
Earlier this year, during an interview with prolific Dutch architect Rem Koolhaas, he said: “Dubai now has a history and there are things you can begin to think about in terms of preservation.”
Feature image courtesy: Yasser Elsheshtawy