The Dubai Government, in association with Dubai Investments, is undertaking measures to develop affordable housing projects for the emirate’s residents with a middle income. When the project completes, it is expected to attract more residents and accelerate the economic growth.
Why should you care?
The plan comes as part of Dubai’s commitment to offer a comfortable lifestyle for people with different incomes. The recent surge in rental prices has driven away some residents into neighboring Sharjah and Ajman. If you are someone with an income between 10k and 20k, this new plan will help you find an affordable home in newly developed areas.
There are about 1,150 residential units under construction in Dubai Investment Park, including Royal Estate, a project promoted by Bollywood superstar Shah Rukh Khan.
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MAG 5 Boulevard
MAG 5 Property Development, a company formed jointly by MAG Property Development and MBM Holding, said its MAG 5 Boulevard project is scheduled for completion in the first quarter of 2018. The first phase of this mega-project has reported successful sales, with 80% of properties already being sold off.
MAG 5 Boulevard comprises more than 1,000 residential units complemented by an array of retail, dining, leisure and entertainment amenities.
The residential properties will be located at the Dubai World Central (DWC), and the second phase of the development is said to be announced during Cityscape Global exhibition next month.
A 3-billion AED project called Mirdif Hills has been announced in 2014, along with a 400 million AED Fujairah Business Centre project.
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