Dubai is considered as a city for the rich and well-off – and rightly so. The high-end residential and commercial zones and the fast growing real estate industry has transformed Dubai into one of the elitist cities around the globe and has attracted thousands of foreign investors and expats from all across the world willing to invest or settle down in the city. This has not only helped the city to grow economically, but also has also helped it develop into one of the leading industrial hubs in the world.
However, the emergence of poorly connected low-income neighborhoods separated from the glamorous, high-end societies in Dubai in the recent few years has led to the authorities in Dubai to consider the prospect of bridging these socio-economic gaps through the development of affordable housing projects that will not help the city to sustain its roots, but grow as well.
Embracing the Concept of Economical Residential Options for All
Approval of the development of affordable housing sectors in Dubai in March 2017 led to a major shift in the social and economic statistics during the last few years. According to the Affordable Housing Institute, 82% of the total transactions were below AED2M and around 47% of which was less than AED1M. About 85% of these transactions were for apartments that are the major residential options for budget conscious citizens and investors.
These statistics clearly indicate positive growth in the real estate market which means that more and more people are opting to invest in the properties that are reasonable and affordable. This has not only increased the influx of people willing to settle and invest within Dubai, but has also led to reverse migration, which means people are returning to the city. More people mean more employment and a significant improvement in the city’s socio-economic status important for the growth and prosperity of the Emirate.
Development of the Affordable Housing Projects in Dubai
The last few years have been important for the real estate industry in Dubai and many leading developers are taking part in this growing trend by focusing on iconic property developments around the city. This includes Dubai Hills Estate Villas, Apartment for Sale in Downtown Dubai, EMAAR Beachfront Apartments, Dubai Creek Harbour Apartments for Sale, Hayat Townhouses Town Square Dubai, Safi Townhouses Nshama, Elan Townhouses Tilal Al Ghaf, Sama Townhouses Nshama, Villas for Sale in Damac Hills, Rent to Own Property Dubai, Port de La Mer Apartments and more.
The citizens can now experience luxurious living standards and high-class lifestyle right within their means, all the while giving back to the economy of Dubai as well.