Dubai has proved itself a powerful player in the global arena when it made a successful bid to host 2020 World Expo; one of the world’s largest exhibitions. The global event will greatly benefit the city’s economy, and its real estate market in particular, by boosting the demand for more residential and luxury units.
Dubai is planning on receiving over 25 million visitors, and is said to spend around $6 billion on infrastructure-related project, which will great hundreds of thousands of new job opportunities. However, experts see that in order for the Expo 2020 to be successful, Dubai developers need to set their minds on creating more affordable housing projects in order to reach the expected influx.
But affordable housing projects are not just a dream for the mid-income residents, with a number of new affordable residential developments under construction, Dubai seems to be responsive to the market’s demands and plans on offering reasonably-priced residential units for all-income expats.
According to a recent study conducted by Colliers International on affordability levels within the housing market, 50% of households in the emirate earn between 9,000AED and 15,000AED. In order to satisfy expatriates falling within this range of income, new affordable developments are underway, in addition to other existing affordable areas such as Discovery Gardens, International City, JVC and Sports City
JLL, a global real estate consultant, has set affordable rent prices in Dubai to fall somewhere within the 72,000AED range, and sale prices within the 790,000AED range, this means that only 22% of the 20,000 residential units launched in 2015 fall in the affordable mid-income housing criteria. This indicates that the upcoming affordable housing projects will be well-recieved by expatriates looking for cheaper rentals.
For affordable houses in Dubai, check out our listings starting from 60,000AED.
